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OECD Code of Liberalisation of Capital Movements
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OECD Code of Liberalisation of
Capital Movements
© OECD 2021
Please cite this publication as:
OECD (2021), OECD Code of Liberalisation of Capital Movements, www.oecd.org/investment/codes.htm.
FOREWORD │ 3
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Foreword
This publication presents the full text of the OECD Code of
Liberalisation of Capital Movements under which adhering countries
have accepted legally binding obligations in the area of capital flows.
The Code is complemented by a User’s Guide approved by the OECD
Investment Committee.
The publication includes the lists of country reservations to the Code,
allowing a comparison of the degree of liberalisation achieved by each
adhering country in regard to international capital movements.
This document reproduces an OECD Legal Instrument and contains
additional material. The opinions expressed and arguments employed
in the additional material do not necessarily reflect the official views
of OECD Member countries.
This document, as well as any data and any map included herein, are
without prejudice to the status of or sovereignty over any territory, to
the delimitation of international frontiers and boundaries and to the
name of any territory, city or area.
This edition shows all changes in the positions of adhering countries
as updated by the OECD Investment Committee or Decisions of the
OECD Council as of June 2021.
Explanatory Note: An amendment in an Adherent country’s underlying
legislation does not automatically or immediately lead to an amendment of
the reservations listed in this publication, as this requires notification of the
amendment by the Adherent to the OECD, as well as a decision by the OECD
Investment Committee. This publication is updated to reflect changes in
Annex B or Annex E of the Codes whenever the reservations of an Adherent
are modified by the OECD Investment Committee.
4 │ INTRODUCTION
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Introduction
The Code of Liberalisation of Capital Movements was born with the
OECD in 1961 at a time when many OECD countries were in the
process of economic recovery and development and when the
international movement of capital faced many barriers.
For almost 60 years, the Code has provided a balanced framework for
countries progressively to remove barriers to the movement of capital,
while providing flexibility to cope with situations of economic and
financial instability. Throughout this period, the OECD has provided
a forum for international dialogue and co-operation.
Under the Code, an adhering country is entitled to benefit from the
liberalisation of other adhering countries regardless of its own degree of
openness.
The Code recognises that capital controls can play a role in specific
circumstances. But because “beggar-thy-neighbour” approaches can
have negative collective outcomes, countries have agreed under the
Code to well-tested principles such as transparency, non-
discrimination, proportionality and accountability to guide their
recourse to controls. In the context of renewed discussions on reform
of the international monetary system, including capital flow
management, the G20 benefits from the work of the OECD on capital
movements. All 37 OECD countries, which include a majority of G20
members, adhere to the Code. Since 2012, the Code has also been open
to non-OECD countries.
The most recent review of the Code (2016-2019), in which many non-
OECD countries, particularly from the G20, participated, further
strengthened the instrument while providing increased flexibility to
address financial stability risks. The review facilitated collective
action by boosting transparency, improved decision-making for the
assessment of country-specific measures and shared understandings
on good practices relating to managing and liberalising capital flows.
INTRODUCTION │ 5
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
The review of the Code resulted in updates to a number of provisions
of the Code itself, as well as in additional guidance included in the
accompanying User’s Guide. These changes and clarifications,
particularly with regard to macro-prudential policies and decision-
making processes, have strengthened the Code as an essential pillar of
the international financial architecture.
6 │ TABLE OF CONTENTS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Table of contents
Foreword ........................................................................................................... 3
Introduction ...................................................................................................... 4
Preamble ......................................................................................................... 11
Part I UNDERTAKINGS WITH REGARD TO CAPITAL
MOVEMENTS ............................................................................................... 12
Article 1 General undertakings ..................................................................... 12 Article 2 Measures of liberalisation .............................................................. 13 Article 3 Public order and security ............................................................... 13 Article 4 Obligations in existing multilateral international agreements ....... 14 Article 5 Controls and formalities ................................................................ 14 Article 6 Execution of transfers .................................................................... 14 Article 7 Clauses of derogation .................................................................... 15 Article 8 Right to benefit from measures of liberalisation ........................... 15 Article 9 Non-discrimination ........................................................................ 16 Article 10 Exceptions to the principle of non-discrimination: Special
customs or monetary systems ....................................................................... 16
Part II PROCEDURE ................................................................................... 17
Article 11 Notification and information from members ............................... 17 Article 12 Notification and examination of reservations lodged under article
2(b) ............................................................................................................... 18 Article 13 Notification and examination of derogations made under
article 7 ......................................................................................................... 18 Article 14 Examination of derogations made under article 7: Members in
process of economic development ................................................................ 20 Article 15 Special report and examination concerning derogations made
under article 7 ............................................................................................... 20 Article 16 Reference to the Organisation - Internal arrangements ............... 21 Article 17 Reference to the Organisation - Retention, introduction or
reintroduction of restrictions ........................................................................ 22
TABLE OF CONTENTS │ 7
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Part III TERMS OF REFERENCE ............................................................ 23
Article 18 Investment Committee - General tasks ........................................ 23 Article 19 Investment Committee - Special tasks ......................................... 23
Part IV MISCELLANEOUS ........................................................................ 26
Article 20 Definitions ................................................................................... 26 Article 21 Title of decision ........................................................................... 27 Article 22 Withdrawal .................................................................................. 28
Annex A Liberalisation Lists of Capital Movements ............................... 29
LIST A............................................................................................................. 29
I. Direct Investment ...................................................................................... 29 II. Liquidation of direct investment .............................................................. 30 III. Operations in real estate ......................................................................... 30 IV. Operations in securities on capital markets ............................................ 30 V. Operations on money markets ................................................................. 32 VI. Other operations in negotiable instruments and non-
securitised- claims ........................................................................................ 32 VII. Operations in collective investment securities ...................................... 32 VIII. Credits directly linked with international commercial transactions or
with the rendering of international services ................................................. 33 IX. Financial credits and loans ..................................................................... 33 X. Sureties, guarantees and financial backup facilities ................................ 33 XI. Operation of deposit accounts ................................................................ 34 XII. Operations in foreign exchange ............................................................ 35 XIII. Life assurance ...................................................................................... 35 XIV. Personal capital movements ................................................................ 35 XV. Physical movement of capital assets ..................................................... 36 XVI. Disposal of non-resident-owned blocked funds .................................. 36
LIST B ............................................................................................................. 37
III. Operations in real estate ......................................................................... 37 V. Operations on money markets ................................................................. 37 VI. Other operations in negotiable instruments and non-securitised claims 38 VIII. Credits directly linked with international commercial transactions or
with the rendering of international services ................................................. 40 IX. Financial credits and loans ..................................................................... 40 X. Sureties, guarantees and financial backup facilities ................................ 40 XI. Operation of deposit accounts ................................................................ 41 XII. Operations in foreign exchange ............................................................ 41 XIV. Personal capital movements ................................................................ 42
8 │ TABLE OF CONTENTS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Notes and references to Annex A ................................................................. 43
Annex B Reservations to the Code of Liberalisation of Capital
Movements ...................................................................................................... 44
AUSTRALIA ............................................................................................... 45 AUSTRIA ..................................................................................................... 50 BELGIUM .................................................................................................... 51 CANADA ..................................................................................................... 52 CHILE .......................................................................................................... 55 COLOMBIA ................................................................................................. 61 COSTA RICA .............................................................................................. 70 CZECH REPUBLIC ..................................................................................... 74 DENMARK .................................................................................................. 76 ESTONIA ..................................................................................................... 77 FINLAND .................................................................................................... 78 FRANCE ...................................................................................................... 80 GERMANY .................................................................................................. 82 GREECE ...................................................................................................... 83 HUNGARY .................................................................................................. 85 ICELAND .................................................................................................... 87 IRELAND .................................................................................................... 89 ISRAEL ........................................................................................................ 90 ITALY .......................................................................................................... 92 JAPAN.......................................................................................................... 93 KOREA ........................................................................................................ 94 LATVIA ....................................................................................................... 98 LITHUANIA .............................................................................................. 100 LUXEMBOURG ........................................................................................ 101 MEXICO .................................................................................................... 103 NETHERLANDS ....................................................................................... 108 NEW ZEALAND ....................................................................................... 109 NORWAY .................................................................................................. 111 POLAND .................................................................................................... 112 PORTUGAL ............................................................................................... 115 SLOVAK REPUBLIC ............................................................................... 116 SLOVENIA ................................................................................................ 117 SPAIN ........................................................................................................ 118 SWEDEN ................................................................................................... 119 SWITZERLAND ........................................................................................ 121 TURKEY .................................................................................................... 125 UNITED KINGDOM ................................................................................. 130
TABLE OF CONTENTS │ 9
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
UNITED STATES ..................................................................................... 133
Annex C Decision of the Council Regarding the Application of the
Provisions of the Code of Liberalisation of Capital Movements to Action
Taken by the States of the United States .................................................... 134
Annex D General List of International Capital Movements and Certain
Related Operations ..................................................................................... 136
Introduction ................................................................................................ 136 I. Direct investment .................................................................................... 137 II. Liquidation of direct investment ............................................................ 138 III. Operations in real estate ....................................................................... 138 V. Operations on money markets ............................................................... 139 VI. Other operations in negotiable instruments and non-securitised
claims.......................................................................................................... 140 VII. Operations in collective investment securities .................................... 140 VIII. Credits directly linked with international commercial transactions or
with the rendering of international services ............................................... 141 IX. Financial credits and loans ................................................................... 141 X. Sureties, guarantees and financial backup facilities .............................. 141 XI. Operation of deposit accounts .............................................................. 142 XII. Operations in foreign exchange .......................................................... 142 XIII. Life assurance .................................................................................... 143 XIV. Personal capital movements .............................................................. 143 XV. Physical movement of capital assets ................................................... 143 XVI. Disposal of non-resident-owned blocked funds ................................ 144 Notes to Annex D ....................................................................................... 144
Annex E Decision of the Council Regarding Measures and Practices
Concerning Reciprocity and/or involving Discrimination among Investors
Originating in Various Member Countries in the Area of Inward Direct
Investment and Establishment .................................................................... 145
AUSTRIA ................................................................................................... 147 BELGIUM .................................................................................................. 147 CANADA ................................................................................................... 147 FRANCE .................................................................................................... 148 GREECE .................................................................................................... 148 ICELAND .................................................................................................. 148 IRELAND .................................................................................................. 148 ITALY ........................................................................................................ 148 SWITZERLAND ........................................................................................ 149 UNITED STATES ..................................................................................... 149
10 │ TABLE OF CONTENTS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
APPENDIX 1. List of Council Acts Included in the Present Edition of the
Code ............................................................................................................... 150
APPENDIX 2. Decision on Adherence of Non-OECD Countries to the
Code ............................................................................................................... 168
Bibliography ................................................................................................. 170
PREAMBLE │ 11
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Preamble
THE COUNCIL,
Having regard to Articles 2 (d) and 5 (a) of the Convention on the
Organisation for Economic Co-operation and Development of
14th December 1960;
Having regard to the Code of Liberalisation of Current Invisible
Operations;
Having regard to the Articles of Agreement of the International
Monetary Fund of 27 December 1945;
Having regard to the European Monetary Agreement of
5 August 1955, and the Protocol of Provisional Application of that
Agreement of the same date;
Having regard to the Report of the Investment Committee on the
Codes of Liberalisation of Current Invisibles and of Capital
Movements of 28 October 1961, and the Comments by the Executive
Committee on that Report of 8th December 1961 [OECD/C(61)37;
OECD/C(61)73];
DECIDES:
12 │ PART I. UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Part I
UNDERTAKINGS WITH REGARD
TO CAPITAL MOVEMENTS
Article 1
General undertakings
a. Members shall progressively abolish between one another, in
accordance with the provisions of Article 2, restrictions on
movements of capital to the extent necessary for effective
economic cooperation. Measures designed to eliminate such
restrictions are hereinafter called “measures of liberalisation”.
b. Members shall, in particular, endeavour:
i) to treat all non-resident owned assets in the same way
irrespective of the date of their formation, and
ii) to permit the liquidation of all non-resident owned assets
and the transfer of such assets or of their liquidation
proceeds.
c. Members should use their best offices to ensure that the
measures of liberalisation are applied within their overseas
territories.
d. Members shall endeavour to extend the measures of
liberalisation to all members of the International Monetary
Fund.
e. Members shall endeavour to avoid introducing any new
exchange restrictions on the movements of capital or the use
of non-resident owned funds and shall endeavour to avoid
making existing regulations more restrictive.
PART I. UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS │ 13
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Article 2
Measures of liberalisation
a. Subject to the provisions of paragraph (b)iv), Members shall
grant any authorisation required for the conclusion or
execution of transactions and for transfers specified in an item
set out in List A or List B of Annex A to this Code.
b. A Member may lodge reservations relating to the obligations
resulting from paragraph (a) when:
i) an item is added to List A of Annex A to this Code;
ii) obligations relating to an item in that List are extended;
iii) obligations relating to any such item begin to apply to that
Member; or
iv) at any time, in respect of an item in List B.
Reservations shall be set out in Annex B to the Code.
c. Whenever the liquidation proceeds of non-resident owned
assets may be transferred, the right of transfer shall include
any appreciation of the original assets.
d. Whenever existing regulations or international agreements
permit loans between residents of different Members
otherwise than by issuing marketable domestic securities or
by using, in the country in which the borrower resides, funds
the transfer of which is restricted, the repayment obligation
may be expressed or guaranteed in the currency of either of
the two Members concerned.
Article 3
Public order and security
The provisions of this Code shall not prevent a Member from taking
action which it considers necessary for:
i) the maintenance of public order or the protection of public
health, morals and safety;
ii) the protection of its essential security interests;
iii) the fulfilment of its obligations relating to international
peace and security.
14 │ PART I. UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Article 4
Obligations in existing multilateral international agreements
Nothing in this Code shall be regarded as altering the obligations
undertaken by a Member as a Signatory of the Articles of Agreement
of the International Monetary Fund or other existing multilateral
international agreements.
Article 5
Controls and formalities
a. The measures of liberalisation provided for in this Code shall
not limit the powers of Members to verify the authenticity of
transactions or transfers nor to take any measures required to
prevent evasion of their laws or regulations.
b. Members shall simplify as much as possible all formalities
connected with the authorisation or verification of
transactions or transfers and shall cooperate, if necessary, to
attain such simplification.
Article 6
Execution of transfers
A Member shall be deemed to have complied with its obligations as
regards transfers whenever a transfer may be made:
i) between persons entitled, by the exchange regulations of
the State from which and of the State to which the transfer
is to be made, respectively, to make and/or to receive the
said transfer;
ii) in accordance with international agreements in force at the
time the transfer is to be made; and
iii) in accordance with the monetary arrangements in force
between the State from which and the State to which the
transfer is to be made.
PART I. UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS │ 15
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Article 7
Clauses of derogation
a. If its economic and financial situation justifies such a course,
a Member need not take the whole of the measures of
liberalisation provided for in Article 2(a).
b. If any measures of liberalisation taken or maintained in
accordance with the provisions of Article 2(a) result in serious
economic and financial disturbance in the Member State
concerned, that Member may withdraw those measures.
c. If the overall balance of payments of a Member develops
adversely at a rate and in circumstances, including the state of
its international reserves, which it considers serious, that
member may temporarily suspend the application of measures
of liberalisation taken or maintained in accordance with the
provisions of Article 2(a).
d. However, a Member invoking paragraph (c) shall endeavour
to ensure that its measures of liberalisation:
i) cover, twelve months after it has invoked that paragraph,
to a reasonable extent, having regard to the need for
advancing towards the objective defined in subparagraph
ii), transactions and transfers which the Member must
authorise in accordance with Article 2(a) and the
authorisation of which it has suspended, since it invoked
paragraph (c); and
ii) comply, eighteen months after it has invoked that
paragraph, with its obligations under Article 2(a).
e. Any Member invoking the provisions of this Article shall do
so in such a way as to avoid unnecessary damage, which bears
especially on the financial or economic interests of another
Member and, in particular, shall avoid any discrimination
between other Members.
Article 8
Right to benefit from measures of liberalisation
Any Member lodging a reservation under Article 2(b) or invoking the
provisions of Article 7 shall, nevertheless, benefit from the measures
16 │ PART I. UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
of liberalisation taken by other Members, provided it has complied
with the procedure laid down in Article 12 or Article 13 as the case
may be.
Article 9
Non-discrimination
A Member shall not discriminate as between other Members in
authorising the conclusion and execution of transactions and transfers
which are listed in Annex A and which are subject to any degree of
liberalisation.
Article 10
Exceptions to the principle of non-discrimination:
Special customs or monetary systems
Members forming part of a special customs or monetary system may
apply to one another, in addition to measures of liberalisation taken in
accordance with the provisions of Article 2(a), other measures of
liberalisation without extending them to other Members. Members
forming part of such a system shall inform the Organisation of its
membership and those of its provisions which have a bearing on this
Code.
PART II. PROCEDURE │ 17
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Part II
PROCEDURE
Article 11
Notification and information from members
a. Members shall notify the Organisation, within the periods
which the latter may determine, of the measures of
liberalisation which they have taken and of any other
measures which have a bearing on this Code, as well as of any
modifications of such measures.
b. Members shall notify the Organisation forthwith of any cases
in which they have by virtue of remark ii) against Section I of
List A of Annex A to this Code imposed restrictions on
specific transactions or transfers relating to direct investments
and shall state their reasons for doing so.
c. Members shall submit to the Organisation, at intervals
determined by the Organisation, but of no more than eighteen
months, information concerning:
i) any channels, other than official channels, through
which transfers are made, and any rates of exchange
applying to such transfers, if they are different from
the official rates of exchange;
ii) any security money markets and any premiums or
discounts in relation to official rates of exchange
prevailing therein.
d. The Organisation shall consider the notifications submitted to
it in accordance with the provisions of paragraphs (a), (b) and
(c) with a view to determining whether each Member is
complying with its obligations under this Code.
18 │ PART II. PROCEDURE
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Article 12
Notification and examination of reservations
lodged under article 2(b)
a. Each Member lodging a reservation in respect of an item
specified in List B of Annex A to the Code shall forthwith
notify the Organisation of its reasons therefor.
b. Each Member shall notify the Organisation within a period to
be determined by the Organisation, whether it desires to
maintain any reservation lodged by it in respect of an item
specified in List A or List B of Annex A to this Code, and if
so, state its reasons therefor.
c. The Organisation shall examine each reservation lodged by a
Member in respect of an item specified in:
i) List A at intervals of not more than eighteen months;
ii) List B within six months of notification, and at
intervals of not more than eighteen months thereafter;
d. unless the Council decides otherwise.
e. The examinations provided for in paragraph (c) shall be
directed to making suitable proposals designed to assist
Members to withdraw their reservations.
Article 13
Notification and examination of derogations
made under article 7
a. Any Member invoking the provisions of Article 7 shall notify
the Organisation forthwith of its action, together with its
reasons therefore.
b. The Organisation shall consider the notification and reasons
submitted to it in accordance with the provisions of paragraph
(a) with a view to determining whether the Member concerned
is justified in invoking the provisions of Article 7 and, in
particular, whether it is complying with the provisions of
paragraph (e) of that Article.
c. If the action taken by a Member in accordance with the
provisions of Article 7 is not disapproved by the Organisation,
PART II. PROCEDURE │ 19
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
that action shall be reconsidered by the Organisation every six
months or, subject to the provisions of Article 15, on any other
date which the latter may deem appropriate.
d. If, however, in the opinion of a Member other than the one
which has invoked Article 7, the circumstances justifying the
action taken by the latter in accordance with the provisions of
that Article have changed, that other Member may at any time
refer to the Organisation for reconsideration of the case at issue.
e. If the action taken by a Member in accordance with the
provisions of paragraph (a), (b) or (c) of Article 7 has not been
disapproved by the Organisation, then if that Member
subsequently invokes paragraph (a), (b) or (c) of Article 7 of
the Code of Liberalisation of Current Invisible Operations, or,
having invoked one paragraph of Article 7 of this Code,
invokes another paragraph of that Article, its case shall be
reconsidered by the Organisation after six months have
elapsed since the date of the previous consideration, or on any
other date which the latter may deem appropriate. If another
Member claims that the Member in question is failing to carry
out its obligations under paragraph (e) of Article 7 of this
Code or paragraph (e) of Article 7 of the Code of
Liberalisation of Current Invisible Operations, the
Organisation shall consider the case without delay.
i) If the Organisation, following its consideration in
accordance with paragraph (b), determines that a
Member is not justified in invoking the provisions of
Article 7 or is not complying with the provisions of
that Article, it shall remain in consultation with the
Member concerned, with a view to restoring
compliance with the Code.
ii) If, after a reasonable period of time, that Member
continues to invoke the provisions of Article 7, the
Organisation shall reconsider the matter. If the
Organisation is then unable to determine that the
Member concerned is justified in invoking the
provisions of Article 7 or is complying with the
provisions of that Article, the situation of that Member
shall be examined at a session of the Council convened
by its Chair for this purpose unless the Organisation
decides on some other procedure.
20 │ PART II. PROCEDURE
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Article 14
Examination of derogations made under article 7:
Members in process of economic development
a. In examining the case of any Member which it considers to be
in the process of economic development and which has
invoked the provisions of Article 7 the Organisation shall
have special regard to the effect that the economic
development of the Member has upon its ability to carry out
its obligations under paragraph (a) of Articles 1 and 2.
b. In order to reconcile the obligations of the Member concerned
under paragraph (a) of Article 2 with the requirements of its
economic development, the Organisation may grant that
Member a special dispensation from those obligations.
Article 15
Special report and examination concerning derogations
made under article 7
a. A Member invoking the provisions of paragraph (c) of Article
7 shall report to the Organisation, within ten months after such
invocation, on the measures of liberalisation it has restored or
proposes to restore in order to attain the objective determined
in sub-paragraph (d)i) of Article 7. The Member shall, if it
continues to invoke these provisions, report to the
Organisation again on the same subject - but with reference to
the objective determined in subparagraph (d)ii) of Article 7 -
within sixteen months after such invocation.
b. If the Member considers that it will not be able to attain the
objective, it shall indicate its reasons in its report and, in
addition, shall state:
i) what internal measures it has taken to restore its
economic equilibrium and what results have already
been attained, and
ii) what further internal measures it proposes to take and
what additional period it considers it will need in order
to attain the objective determined in subparagraph (d)i)
or (d)ii) of Article 7.
PART II. PROCEDURE │ 21
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
c. In cases referred to in paragraph (b), the Organisation shall
consider within a period of twelve months, and, if required, of
eighteen months from the date on which the Member invoked
the provisions of paragraph (c) of Article 7, whether the
situation of that Member appears to justify its failure to attain
the objective determined in subparagraph (d)i) or (d)ii) of
Article 7 and whether the measures taken or envisaged and the
period considered by it as necessary for attaining the objective
determined, appear acceptable in the light of the objectives of
the Organisation in the commercial and financial fields.
d. If a Member invokes the provisions of both paragraph (c) of
Article 7 of this Code and paragraph (c) of Article 7 of the
Code of Liberalisation of Current Invisible Operations, the
periods of twelve and eighteen months referred to in
paragraph (c) shall run from the date of the earlier invocation.
e. If following any of the examinations provided for in paragraph
(c) the Organisation is unable to approve the arguments
advanced by the Member concerned in accordance with the
provisions of paragraph (b), the situation of that Member shall
be examined at a session of the Council convened by its Chair
for this purpose unless the Organisation decides on some other
procedure.
Article 16
Reference to the Organisation - Internal arrangements
a. If a Member considers that the measures of liberalisation
taken or maintained by another Member, in accordance with
Article 2(a), are frustrated by internal arrangements likely to
restrict the possibility of effecting transactions or transfers,
and if it considers itself prejudiced by such arrangements, for
instance because of their discriminatory effect, it may refer to
the Organisation.
b. The Secretariat may also bring to the attention of the
Committee cases where it deems that compliance with the
Code is not assured and may be prejudicial to Members.
c. If, following the consideration of a matter referred to it under
paragraphs (a) and (b) the Organisation determines that
internal arrangements introduced or maintained by the
22 │ PART II. PROCEDURE
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Member concerned have the effect of frustrating its measures
of liberalisation, the Organisation may make suitable
suggestions with regard to the removal or modification of
such arrangements.
Article 17
Reference to the Organisation - Retention, introduction
or reintroduction of restrictions
a. If a Member considers that another Member which has not
invoked the provisions of Article 7 has retained, introduced or
reintroduced restrictions on capital movements or the use of
non-resident-owned funds contrary to the provisions of
Articles 1, 2, 9 or 10, and if it considers itself to be prejudiced
thereby, it may refer to the Organisation.
b. The fact that the case is under consideration by the
Organisation shall not preclude the Member which has
referred to the Organisation from entering into bilateral
conversations on the matter with the other Member
concerned.
PART III. TERMS OF REFERENCE │ 23
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Part III
TERMS OF REFERENCE
Article 18
Investment Committee - General tasks
a. The Investment Committee shall consider all questions
concerning the interpretation or implementation of the
provisions of this Code or other Acts of the Council relating
to the liberalisation of capital movements and the use of non-
residents-owned funds and shall report its conclusions thereon
to the Council as appropriate.
b. The Investment Committee shall submit to the Council any
appropriate proposals in connection with its tasks as defined
in paragraph (a) and, in particular, with the extension of
measures of liberalisation as provided in Article 1 of this
Code.
Article 19
Investment Committee - Special tasks
a. The Investment Committee shall:
i) determine the periods within which the information
provided for in paragraphs (a) and (c) of Article 11
and the reasons provided for in paragraph (b) of
Article 12 should be notified to the Organisation by
the Members concerned;
ii) subject to paragraph (c) of this Article, consider, in
conformity with paragraphs (c) and (d) of Article 12,
each reservation notified to the Organisation in
accordance with paragraphs (a) and (b) of that Article
24 │ PART III. TERMS OF REFERENCE
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
and make, where appropriate, suitable proposals
designed to assist Members to withdraw their
reservations;
iii) determine, in accordance with the provisions of
Article 12, the date on which any reservation should
be re-examined, if the reservation has not been
withdrawn in the meantime;
iv) consider, in accordance with the provisions of
paragraph (d) of Article 11, the notifications
submitted to the Organisation;
v) consider reports and references submitted to the
Organisation in accordance with the provisions of
Article 13 or paragraphs (a) and (b) of Article 15
where a Member has invoked the provisions of
Article 7, or submitted in accordance with the
provisions of Article 16 or Article 17;
vi) determine the date on which the case of a Member
which has invoked Article 7 should be reconsidered
in accordance with the provisions of paragraph (c),
paragraph (e) or paragraph (f)ii) of Article 13;
vii) transmit to the United States Government, with any
comments it considers appropriate, notifications
received from Members in accordance with paragraph
2(a) of the Decision in Annex C to the Code; and
viii) consider information received from the United States
Government in accordance with paragraph 2(b) of the
Decision in Annex C to the Code.
b. When examining the reservations notified in accordance with
paragraph (b) of Article 12, the Committee may, at its
discretion, consider together either all reservations made by
the same Member or all reservations made in respect of the
same item specified in Annex A to this Code.
c. The Committee shall, however, not consider any reservations
notified to the Organisation in accordance with paragraph (b)
of Article 12 by a Member which, at the time of the
examination in respect of the item subject to that reservation,
is invoking the provisions of Article 7 or is enjoying a
dispensation in accordance with paragraph (b) of Article 14.
PART III. TERMS OF REFERENCE │ 25
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
d. In the cases provided for in subparagraphs ii), iv), v) and viii)
of paragraph (a), the Committee shall report to the Council,
except in cases of notifications under Article 11 (b) on which
the Committee shall report only if it considers this
appropriate.
e. The Committee shall, whenever it considers it necessary:
i) consult other Committees of the Organisation and/or
other relevant international organisations on any
questions relating to the liberalisation of capital
movements; and, in particular,
ii) request other Committees of the Organisation and/or
the International Monetary Fund (IMF) to give their
views on any questions relating to the balance of
payments and the state of the international reserves of
a Member.
26 │ PART IV. MISCELLANEOUS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Part IV
MISCELLANEOUS
Article 20
Definitions
In this Code:
i) “Member” shall mean a country which adheres to this Code;
ii) “Domestic securities” shall mean securities issued or to be issued
by a resident;
iii) “Foreign securities” shall mean securities issued or to be issued
by a non-resident;
iv) “Recognised security market” shall mean a stock exchange or
security market in a Member country (including an over-the-
counter market organised by a recognised association of security
dealers);
a. which is officially recognised in the country where it
operates;
b. on which the public can buy and sell securities; and
c. on which dealings take place in accordance with fixed
rules;
v) “Securities quoted on a recognised security market” shall mean
securities which have been granted an official quotation or are
officially listed on such a market or for which dealing prices on
such a market are published not less frequently than once a week;
vi) Security dealing on a “spot basis” shall mean dealing with
payment and delivery to be made immediately the transaction is
concluded or on the next periodic settlement date of the stock
exchange where the transaction takes place;
PART IV. MISCELLANEOUS │ 27
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
vii) “Money market securities” shall mean securities with an original
maturity of less than one year;
viii) “Collective investment securities” shall mean the share
certificates, registry entries or other evidence of investor interest
in an institution for collective investment which, irrespective of
legal form, is organised for the purpose of managing investments
in securities or in other assets, applies the principle of risk-
spreading, issues its own securities to the public on demand either
continuously or at frequent intervals and is required on the request
of the holder to redeem such securities, directly or indirectly,
within a specified period and at their net asset value;
ix) “Financial institutions” shall mean banks, savings banks, bodies
which specialise in the granting of credits, insurance companies,
building societies, investment companies, and other
establishments of a similar nature;
x) “Deposit” shall mean a sum of money paid on terms: a) under
which it will be repaid, with or without interest or premium, and
either on demand or at a time or in circumstances agreed by the
person making it or receiving it or by his order, and b) which are
not referable to the provision of property or services or to the
giving of security;
xi) “Official channels” shall mean foreign exchange markets in which
an officially established rate or officially established rates apply
and in which spot transactions take place at rates which are free to
fluctuate within the official margins;
xii) “Blocked funds” shall mean funds owned by residents of other
Member countries in accordance with the laws and regulations of
the Member where the funds are held and blocked for balance of
payments reasons;
xiii) “Unit of account” shall mean the sum in the national currency
of a Member which is equal to a unit of value of special drawing
rights as valued by the International Monetary Fund.
Article 21
Title of decision
This Decision, referred to in the present text as the “Code”, shall be
known as the “Code of Liberalisation of Capital Movements”.
28 │ PART IV. MISCELLANEOUS
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Article 22
Withdrawal
Any Member may withdraw from the Code by transmitting a notice in
writing to the Secretary-General of the Organisation. The withdrawal
shall become effective twelve months from the date on which such
notice is received.
ANNEX A. │ 29
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Annex A
Liberalisation Lists of Capital Movements1
LIST A
I. Direct Investment
Investment for the purpose of establishing lasting economic relations with an
undertaking such as, in particular, investments which give the possibility of exercising
an effective influence on the management thereof:
A. In the country concerned by non-residents by means of:
1. Creation or extension of a wholly-owned enterprise, subsidiary or
branch, acquisition of full ownership of an existing enterprise;
2. Participation in a new or existing enterprise;
3. A loan of five years or longer.
B. Abroad by residents by means of:
1. Creation or extension of a wholly-owned enterprise, subsidiary or
branch, acquisition of full ownership of an existing enterprise;
2. Participation in a new or existing enterprise;
3. A loan of five years or longer.
Remarks: Transactions and transfers under A and B shall be free unless:
i) An investment is of a purely financial character designed only to gain
for the investor indirect access to the money or financial market of
another country; or
30 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ii) In view of the amount involved or of other factors a specific transaction
or transfer would have an exceptionally detrimental effect on the
interests of the Member concerned.
The authorities of Members shall not maintain or introduce:
Regulations or practices applying to the granting of licences, concessions,
or similar authorisations, including conditions or requirements attaching to
such authorisations and affecting the operations of enterprises, that raise
special barriers or limitations with respect to non-resident (as compared to
resident) investors, and that have the intent or the effect of preventing or
significantly impeding inward direct investment by non-residents.
II. Liquidation of direct investment
A. Abroad by residents.
B. In the country concerned by non-residents.
III. Operations in real estate2
A. Operations in the country concerned by non-residents:
1. (See List B)
2. Sale.
B. Operations abroad by residents:
1. (See List B)
2. Sale.
IV. Operations in securities on capital markets3
A. Admission of domestic securities on a foreign capital
market:
1. Issue through placing or
public sale of
2. Introduction on a recognised
domestic security market of }
a) shares or other securities of a
participating nature;
b) bonds and other debt
securities (original maturity of
one year or more).
ANNEX A. │ 31
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
B. Admission of foreign securities on the domestic capital
market:
1. Issue through placing or
public sale of
2. Introduction on a
recognised domestic
security market of
}
a) shares or other securities of a
participating nature;
b) bonds and other debt securities
(original maturity of one year
or more).
C. Operations in the country concerned by non-residents:
1. Purchase
2. Sale
}
a) shares or other securities of a participating
nature;
b) bonds and other debt securities (original
maturity of one year or more).
D. Operations abroad by residents:
1. Purchase
2. Sale
} a) shares or other securities of a participating
nature;
b) bonds and other debt securities (original
maturity of one year or more).
Remarks: The liberalisation obligations under B1 and B2 are subject to the
regulations of the security markets concerned. The authorities of Members
shall not maintain or introduce restrictions which discriminate against
foreign securities.
Members may:
a) With regard to transactions and transfers under A, B, C and D require
that:
i) Such transactions and transfers must be carried out through
authorised resident agents;
ii) In connection with such transactions and transfers residents may
hold funds and securities only through the intermediary of such
agents; and
iii) Purchases and sales may be contracted only on a spot basis;
b) With regard to transactions and transfers under C2, take measures for
the protection of investors, including the regulation of promotional
activities, provided such measures do not discriminate against the
residents of any other Member;
32 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
c) With regard to transactions and transfers under D1, regulate on their
territory any promotional activities by, or on behalf of, the residents of
other Members.
V. Operations on money markets4
(See List B)
VI. Other operations in negotiable instruments
and non-securitised- claims5
(See List B)
VII. Operations in collective investment securities
A. Admission of domestic collective investment securities
on a foreign securities market:
1. Issue through placing or public sale.
2. Introduction on a recognised foreign securities market.
B. Admission of foreign collective investment securities on
the domestic securities market:
1. Issue through placing or public sale.
2. Introduction on a recognised domestic securities market.
C. Operations in the country concerned by non-residents:
1. Purchase.
2. Sale.
D. Operations abroad by residents:
1. Purchase.
2. Sale.
Remarks: The liberalisation obligations under B1 and B2 are subject to the
regulations of the security markets concerned.
The authorities of Members shall not maintain or introduce restrictions
which discriminate against foreign collective investment securities.
Members may:
ANNEX A. │ 33
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
a) With regard to transactions and transfers under A, B, C and D require
that:
i) Such transactions and transfers must be carried out through
authorised resident agents;
ii) In connection with such transactions and transfers residents may
hold funds and securities only through the intermediary of such
agents; and
iii) Purchases and sales may be contracted only on a spot basis;
b) With regard to transactions and transfers under C2, take measures for
the protection of investors, including the regulation of promotional
activities, provided such measures do not discriminate against
institutions for collective investment organised under the laws of any
other Member;
c) With regard to transactions and transfers under D1, regulate on their
territory any promotional activities of foreign institutions for collective
investment.
VIII. Credits directly linked with international commercial
transactions or with the rendering of international services
i) In cases where a resident participates in the underlying commercial or
service transaction.
A. Credits granted by non-residents to residents.
B. Credits granted by residents to non-residents.
ii) In cases where no resident participates in the underlying commercial or
service transaction.
(See List B)
IX. Financial credits and loans6
(See List B)
X. Sureties, guarantees and financial backup facilities
i) In cases directly related to international trade or international current
invisible operations, or in cases related to international capital
movement operations in which a resident participates.
34 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
A. Sureties and guarantees:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents.
B. Financial back-up facilities:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents
Remark: Transactions and transfers under X(i)A and B shall be free if they
are directly related to international trade, international current invisible
operations or international capital movement operations in which a resident
participates and which do not require authorisation or have been authorised
by the Member concerned.
ii) In cases not directly related to international trade, international current
invisible operations or international capital movement operations, or
where no resident participates in the underlying international operation
concerned.
A. Sureties and guarantees:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents.
B. Financial back-up facilities:
(See List B)
XI. Operation of deposit accounts7
A. Operation by non-residents of accounts with resident
institutions:
1. In domestic currency.
2. In foreign currency.
B. Operation by residents of accounts with non-residents
institutions:
(See List B)
ANNEX A. │ 35
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: Transactions and transfers under XI/A shall be free provided the
deposit accounts are operated with financial institutions authorised to
accept deposits.
XII. Operations in foreign exchange8
(See List B)
XIII. Life assurance
Capital transfers arising under life assurance contracts9:
A. Transfers of capital and annuities certain due to
resident beneficiaries from non-resident insurers.
B. Transfers of capital and annuities certain due to non-
resident beneficiaries from resident insurers.
Remark: Transfers under A and B shall be free also in the case of contracts
under which the persons from whom premiums are due or the beneficiaries
to whom disbursements are due were residents of the same country as the
insurer at the time of the conclusion of the contract but have changed their
residence since.
XIV. Personal capital movements
A. Loans.
B. Gifts and endowments.
C. Dowries.
D. Inheritances and legacies.
Remark: Transfers under D shall be free provided that the deceased was
resident and the beneficiary non-resident at the time of the deceased's death.
36 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
E. Settlement of debts in their country of origin by
immigrants.
F. Emigrants' assets.
Remark: Transfers under F shall be free upon emigration irrespective of the
nationality of the emigrant.
G. Gaming.
(See List B)
H. Savings of non-resident workers.
XV. Physical movement of capital assets
A. Securities and other documents of title to capital assets:
1. Import.
2. Export.
B. Means of payment:
1. Import.
2. Export.
Remark: In the case of residents the obligation to permit an export applies
only to the export of foreign securities and then only on a temporary basis
for administrative purposes.
XVI. Disposal of non-resident-owned blocked funds
A. Transfer of blocked funds.
B. Use of blocked funds in the country concerned:
1. For operations of a capital nature.
2. For current operations.
C. Cession of blocked funds between non-residents.
ANNEX A. │ 37
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
LIST B10
III. Operations in real estate11
A. Operations in the country concerned by non-residents:
1. Building or purchase.
2. (See List A)
B. Operations abroad by residents:
1. Building or purchase.
2. (See List A)
V. Operations on money markets12
A. Admission of domestic securities and other instruments
on a foreign money market:
1. Issue through placing or public sale.
2. Introduction on a recognised foreign money market.
B. Admission of foreign securities and other instruments
on the domestic money market:
1. Issue through placing or public sale.
2. Introduction on a recognised domestic money market.
C. Operations in the country concerned by non-residents:
1. Purchase of money market securities.
2. Sale of money market securities.
3. Lending through other money market instruments.
4. Borrowing through other money market instruments.
D. Operations abroad by residents:
1. Purchase of money market securities.
38 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
2. Sale of money market securities.
3. Lending through other money market instruments.
4. Borrowing through other money market instruments.
Remarks: The liberalisation obligations under B1 and B2 are subject to the
regulations of the security markets concerned.
The authorities of Members shall not maintain or introduce restrictions
which discriminate against foreign money market securities or other money
market instruments.
Members may:
a) With regard to transactions and transfers under A, B, C and D require
that:
i) Such transactions and transfers must be carried out through
authorised resident agents;
ii) In connection with such transactions and transfers residents may
hold funds, securities and other instruments only through the
intermediary of such agents; and
iii) Purchases and sales may be contracted only on a spot basis;
b) With regard to transactions and transfers under C2, take measures for
the protection of investors, including the regulation of promotional
activities, provided such measures do not discriminate against the
residents of any other Member;
c) With regard to transactions and transfers under D1, regulate on their
territory any promotional activities, by or on behalf of, the residents of
other Members.
VI. Other operations in negotiable instruments
and non-securitised claims13
A. Admission of domestic instruments and claims on a
foreign financial market:
1. Issue through placing or public sale.
2. Introduction on a recognised foreign financial market.
ANNEX A. │ 39
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
B. Admission of foreign instruments and claims on a
domestic financial market:
1. Issue through placing or public sale.
2. Introduction on a recognised domestic financial market.
C. Operations in the country concerned by non-residents.
1. Purchase.
2. Sale.
3. Exchange for other assets.
D. Operations abroad by residents:
1. Purchase.
2. Sale.
3. Exchange for other assets.
Remarks: The liberalisation obligations under B1 and B2 are subject to the
regulations of the financial markets concerned.
The authorities of Members shall not maintain or introduce restrictions,
which discriminate against foreign negotiable instruments or non-
securitised claims.
Members may:
a) With regard to transactions and transfers under A, B, C and D require
that:
i) Such transactions and transfers must be carried out through
authorised resident agents; and
ii) In connection with such transactions and transfers residents may
hold funds, negotiable instruments and non-securitised- claims
only through the intermediary of such agents;
b) With regard to transactions and transfers under C2 and C3, take
measures for the protection of investors, including the regulation of
promotional activities, provided such measures do not discriminate
against the residents of any other Member;
c) With regard to transactions and transfers under D1 and D3, regulate
on their territory any promotional activities by, or on behalf of, the
residents of other Members.
40 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
VIII. Credits directly linked with international commercial
transactions or with the rendering of international services
i) In cases where a resident participates in the underlying commercial or
service transaction.
(See List A)
ii) In cases where no resident participates in the underlying commercial or
service transaction.
A. -
B. Credits granted by residents to non-residents.
Remark: Transactions and transfers under VIII(ii)/B shall be free if the
creditor is an enterprise permitted to extend credits and loans on its national
market.
IX. Financial credits and loans14
A. Credits and loans granted by non-residents to residents.
B. Credits and loans granted by residents to non-residents.
Remarks: Transactions and transfers under IX/A shall be free if the debtor
is an enterprise.
Transactions and transfers under IX/B shall be free if the creditor is an
enterprise permitted to extend credits and loans on its national market.
X. Sureties, guarantees and financial backup facilities
i) In cases directly related to international trade or international current
invisible operations, or in cases related to international capital
movement operations in which a resident participates.
(See List A)
ii) In cases not directly related to international trade, international current
invisible operations, or international capital movement operations, or
where no resident participates in the underlying international operation
concerned.
ANNEX A. │ 41
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
A. Sureties and guarantees:
(See List A)
B. Financial back-up facilities:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents.
XI. Operation of deposit accounts15
A. Operation by non-residents of accounts with resident
institutions:
(See List A)
B. Operation by residents of accounts with non-resident
institutions:
1. In domestic currency.
2. In foreign currency.
XII. Operations in foreign exchange16
A. In the country concerned by non-residents:
1. Purchase of domestic currency with foreign currency.
2. Sale of domestic currency for foreign currency.
3. Exchange of foreign currencies.
B. Abroad by residents:
1. Purchase of foreign currency with domestic currency.
2. Sale of foreign currency for domestic currency.
3. Exchange of foreign currencies.
Remark: Transactions and transfers under XII/A and B shall be free provided
the operations are carried out through authorised resident agents.
42 │ ANNEX A.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
XIV. Personal capital movements
A. to F. (See List A)
G. Gaming.
Remark: Transfers under G shall be free only in respect of winnings. The
provision does not cover the stakes wagered.
H. (See List A)
ANNEX A. │ 43
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Notes and references to Annex A
1. All items in the General List of International Capital Movements and
Certain Related Operations (see Annex D to the Code) appear on either List A
or List B in this Annex A.
2. Other than operations falling under Sections I or II of the General List.
3. Other than operations falling under Section IV of the General List.
4. Other than operations falling under Section IV of the General List.
5. Other than operations falling under Sections IV, V or VII of the General
List.
6. Other than credits and loans falling under Sections I, II, VIII or XIV of the
General List.
7. Other than operations falling under Section V of the General List.
8. Other than operations falling under any other Section of the General List.
9. Transfers of premiums and pensions and annuities, other than annuities
certain, in connection with life assurance contracts are governed by the Code
of Liberalisation of Current Invisible Operations (Item D/3). Transfers of
whatever kind or size under other than life assurance contracts are always
considered to be of a current nature and are consequently governed by the
Current Invisibles Code.
10. All items in the General List of International Capital Movements and
Certain Related Operations (see Annex D to the Code) appear on either List A
or List B in this Annex A.
11. Other than operations falling under Sections I or II of the General List.
12. Other than operations falling under Section IV of the General List.
13. Other than operations falling under Sections IV, V or VII of the General
List.
14. Other than credits and loans falling under Sections I, II, VIII or XIV of the
General List.
15. Other than operations falling under Section V of the General List.
16. Other than operations falling under any other Section of the General List.
44 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Annex B
Reservations to the Code of Liberalisation
of Capital Movements
The present Annex contains the reservations that individual Member
countries have lodged in accordance with Article 2 (b) to the Code.
The reservations have been accepted by the Council and constitute
authority for Members to derogate, from the provisions of Article 2 (a)
of the Code with regard to transactions and transfers enumerated in the
Liberalisation Lists A and B.
Reservations on items in List A will be withdrawn as Members are
able to accept the liberalisation obligations under such items;
additional reservations may not be lodged on List A items.
Reservations on items in List B may also be withdrawn; additional
reservations may be lodged if need be. The present Annex will be
amended accordingly by Decisions of the Council, as the need arises.
In the country pages that follow, the asterisks added to the mention of
item I/A of List A refer to measures or practices, described in Annex E
thereafter, allowing inward direct investment or establishment under
conditions of reciprocity (i.e. allowing residents of another Member
country to invest or establish in the Member country concerned under
terms similar to those applied by the other Member country to
investors resident in the Member country concerned) and/or involving
discrimination among investors originating in various Member
countries (other than the exceptions to the principle of non-
discrimination referred to in Article 10 of the Code of Liberalisation
of Capital Movements). Annex E also includes a Council Decision
relating to these measures and practices.
Where Member countries permit or prescribe that payment in
connection with certain items be made by means other than transfer
through the official foreign exchange market, such restrictions would
be recorded under “Notes concerning Payments Channels”. No
Member country presently maintains restrictions concerning payments
channels.
ANNEX B. │ 45
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
AUSTRALIA
General Remark: The Australian Government accepts the enlarged obligations
on banking and financial services in the Code of Liberalisation of Capital Movements
consistent with its constitutional powers and the reservations it has lodged in respect
of some of the enlarged obligations.
Bearing in mind that the Australian Constitution provides for a federal system of
government and State and Territory Governments have powers in relation to some
matters within the scope of the enlarged obligations, Australia reserves its position in
respect of the enlarged obligations insofar as these obligations relate to actions,
including any action in relation to taxation, undertaken by Australian State or
Territory Governments. This applies to the enlarged obligations under Items IV to
XII, XV and XVI of the Revised Capital Movements Code.
The Australian authorities will take steps to encourage the States and Territories
to achieve the liberalisation of operations covered by the enlarged obligations of the
Codes that fall within their jurisdiction and will call their attention to the basic
principles underlying the liberalisation obligations under the Code. The Australian
authorities will also seek the cooperation of the States and Territories in providing
information on any existing restrictions applied at the State or Territory level, as well
as any new measures that might be taken at that level.
In the event that a Member of the OECD considers that its interests under the
Codes are being prejudiced by the actions of an Australian State or Territory
Government, the Australian authorities will consult with the Member and the State or
Territory Government concerned. They will bring the provisions of the Code and the
circumstances of the case in question to the attention of the competent authorities of
any State or Territory concerned together with an appropriate recommendation. They
will also inform the Organisation of the action taken in this regard and of the results
thereof.
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation:
i) applies only to:
a) investments in banking, real estate, civil aviation
and uranium;
46 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
b) proposals falling within the scope of Australia's
Foreign Acquisitions and Take-overs Act 1975,
which broadly covers acquisitions of partial or
controlling interests in Australian companies or
businesses with total assets valued over A$100
million or A$200 million for foreign offshore
takeovers and other arrangements relating to
foreign control of companies and businesses;
c) foreign life insurers, which are not allowed to
operate by way of branches in Australia;
d) proposals to establish new businesses or projects
where the total investment is A$ 10 million or more;
e) proposals involving direct investment by foreign
governments or their agencies;
f) investments to the extent that constituent States or
Territories of Australia exercise legislative and
administrative control over such investment;
g) ownership of Australian flag vessels, except through
an enterprise incorporated in Australia;
h) telecommunications to the extent that the Telstra
Corporation Act 1991 limits aggregate foreign
ownership in Telstra to 35 per cent of the Telstra
shares that are not Commonwealth held. The
maximum individual foreign ownership allowed in
Telstra is 5 per cent of the Telstra shares that are
not Commonwealth held.
ii) does not apply to acquisitions of shares in relevant
corporations and interests in Australian urban land by
foreign custodian companies when acting at the direction of
clients.
List B,
III/A1
Operations in real estate:
- In the country concerned by non-residents.
ANNEX B. │ 47
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies to foreign ownership of
residential dwellings subject to additional charges if vacant for
more than 183 days in a year; foreign ownership of Australian
land subject to land tax surcharges; and all proposals to acquire
any type of Australian urban land, residential land or property,
and land used for primary production, except the following
acquisition types to the extent that they are not subject to
additional purchaser duties:
i) acquisitions of direct interests in non-residential commercial
real estate valued under $5 million or $50 million where such
real estate is not heritage listed;
ii) acquisitions of interests in time-share schemes where the
entitlement of the foreign interest and any associates is less
than four weeks per year;
iii) acquisitions of residential real estate by approved migrants,
special category visa holders, and other foreign nationals
entitled to permanent residence in Australia, including
Australian permanent residents, not ordinarily resident in
Australia and special category visa holders buying through
Australian companies and trusts;
iv) acquisition of the following categories of residential real
estate by temporary residents in Australia, either directly or
through Australian companies and trusts:
a) an established dwelling, provided the acquisition is
for their primary place of residence;
b) single blocks of vacant land; and
c) new dwellings.
v) acquisitions by non-resident Australian citizens, either
directly or indirectly through Australian companies and
trusts;
vi) acquisitions of offices and residences by foreign government
missions for use as official missions or residences for staff
subject to sale to Australians or other eligible purchasers
when no longer being used for those purposes;
48 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
vii) acquisitions of minority interests in public companies and
trusts whose principal assets are comprised of real estate, to
the extent permitted by regulations under the Foreign
Acquisitions and Take-overs Act;
viii) acquisitions of real estate by general insurance companies
operating in Australia where the acquisitions are made from
the reserves of the companies and are within the prudential
guidelines of the Insurance Commissioner;
ix) acquisitions by life assurance companies, representing
investment of their Australian statutory funds, by Australian
pension funds of foreign employers and by foreign-controlled
charities or charitable trusts operating in Australia for the
primary benefit of Australians;
x) acquisitions of residential real estate by Australian citizens
and their foreign spouses where they purchase as joint
tenants;
xi) acquisitions of Australian urban land by foreign owned
responsible entities acting on behalf of managed unit trusts
and other public investment schemes registered under
Chapter 5C of the Corporations Law, where they are
investing for the benefit of fund investors or unit holders
ordinarily resident in Australia;
xii) acquisitions of interests in Australian urban land by foreign
custodian companies when acting at the direction of clients.
List A,
IV/B1,
B2, C1
Operations in securities on capital markets:
– Issue through placing or public sale of foreign securities on the
domestic capital market.
Remark: The reservation applies only to the issue of bearer
securities by foreign central banks, foreign governments, foreign
government agencies not akin to private sector commercial
entities, and international governmental organisations. In
addition, for borrowings in excess of A$ 200 million, these
categories of borrowers are required to consult with the
Australian authorities prior to undertaking any borrowing in the
Australian capital market.
– Introduction of foreign securities on a recognised domestic
security market.
ANNEX B. │ 49
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies only to the issue of bearer
securities by foreign central banks, foreign governments, foreign
government agencies not akin to private sector commercial
entities, and international governmental organisations.
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares
and other securities of a participating nature which may be
affected by laws on inward direct investment and establishment.
List B,
V/B1,
B2
Operations on money markets:
– Issue through placing or public sale of foreign securities and other
instruments on the domestic money market.
Remark: The reservation applies only to the issue of bearer
securities by foreign central banks, foreign governments, foreign
government agencies not akin to private sector commercial
entities, and international governmental organisations.
– Introduction of foreign securities and other instruments on a
recognised domestic money market.
Remark: The reservation applies only to the issue of bearer
securities by foreign central banks, foreign governments, foreign
government agencies not akin to private sector commercial
entities, and international governmental organisations.
List B,
VI/B1,
B2
Other operations in negotiable instruments and non-securitised claims:
– Issue through placing or public sale of foreign instruments and
claims on a domestic financial market.
Remark: The reservation applies only to the issue of bearer
securities by foreign central banks, foreign governments, foreign
government agencies not akin to private sector commercial
entities, and international governmental organisations.
– Introduction of foreign instruments and claims on a recognised
domestic financial market.
Remark: The reservation applies only to the issue of bearer
securities by foreign central banks, foreign governments, foreign
government agencies not akin to private sector commercial
entities, and international governmental organisations.
50 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
AUSTRIA
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) real estate to the extent that the authorities of the Länder have
the right to restrict the acquisition of real estate;
ii) auditing;
iii) investment by non-EU residents in accountancy services
exceeding 49 per cent;
iv) investment by non-EU nationals in legal services and in
engineering and architectural services exceeding 49 per cent;
v) energy;
vi) majority ownership in the maritime sector by non-EU residents;
vii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
viii) acquisition by non-EU residents of 49 per cent or more in ships
registered in Austria;
ix) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to the extent that the
authorities of Federal Provinces have the right to restrict the
acquisition of real estate.
ANNEX B. │ 51
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
BELGIUM
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the acquisition of Belgian flag vessels by shipping companies
not having their principal office in Belgium;
ii) investment by non-EU nationals in accountancy and legal
service;
iii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
iv) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
52 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
CANADA
General remark: The Canadian authorities undertake to carry out the provisions
of the Code to the fullest extent compatible with the constitutional system of Canada
in that the latter provides that individual provinces may have jurisdiction to act with
respect to certain matters under the purview of the Code. In particular, the authorities
undertake to make every effort to ensure that measures for the liberalisation of capital
movements are applied in their provinces; they will notify the Organisation of any
measure taken by a province that would affect capital movements and, if necessary,
they will bring to the attention of the provincial authorities any concerns expressed in
this respect by a country subscribing to the Code.
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) a review requirement under the Investment Canada Act applying
to acquisitions of large Canadian businesses by foreign
investors. For private investors from WTO member countries, the
review threshold is $1 billion in enterprise value in 2018. For
investors that are state-owned enterprises from WTO member
countries, the review threshold is $398 million in asset value in
2018. Indirect acquisitions of Canadian businesses by WTO
investors are not reviewable, except for those relating to
Canadian cultural businesses. The review threshold for investors
who are from non-WTO member countries is $5 million in asset
value for direct acquisitions of Canadian businesses and $50
million in asset value for indirect acquisitions. For all non-
Canadian investors, acquisitions of Canadian cultural
businesses are also reviewable at these lower thresholds ($5
million and $50 million in asset value). The thresholds for direct
acquisitions of non-cultural Canadian businesses by WTO
members is also automatically adjusted annually according to a
formula in the Act to reflect changes in GDP;
ii) activities related to Canada's cultural heritage or national
identity, in particular:
a) the publication, distribution or sale of books,
magazines, periodicals or newspapers in print or
ANNEX B. │ 53
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
machine readable form, but not including the sole
activity of printing or typesetting any of the above;
b) the production, distribution, sale or exhibition of film or
video recordings;
c) the production, distribution, sale or exhibition of audio
or video music recordings;
d) the publication, distribution or sale of music in print or
machine readable form; or
e) radio-communication in which the transmissions are
intended for direct reception by the general public, and
all radio, television and cable broadcasting undertakings
and all satellite programming and broadcast network
services;
iii) banking and financial services;
iv) insurance;
v) acquisition air transport: only Canadians (citizens, permanent
residents or companies incorporated in Canada that are
controlled by Canadians and of which at least 75 per cent of the
voting interests are owned and controlled by Canadians) may
register an aircraft as “Canadian” and obtain Operator
Certificates to provide the following commercial air services:
1) domestic air services; 2) scheduled international air services
where those services have been reserved to Canadian carriers
under air services agreements; 3) non-scheduled international
air services where those services have been reserved to
Canadian carriers under the Canada Transportation Act; and
4) speciality air services;
vi) maritime transport;
vii) telecommunications: Foreign ownership of voting shares of
Canadian common carriers is limited to 20 per cent direct and
33⅓ per cent indirect (46.7 per cent combined direct and
indirect). Facilities-based telecommunications service
suppliers must be controlled by Canadians. There are no
restrictions on foreign ownership of non-voting shares;
viii) uranium: 51 per cent minimum Canadian ownership
requirement in individual uranium mining properties at the
stage of first production unless the project is in fact controlled
54 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
by Canadian nationals, as defined in the Investment Canada
Act. The Cabinet may grant exemption to the policy when
Canadian partners cannot be found;
ix) fish harvesting.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature which may be affected by
laws on inward direct investment and establishment.
ANNEX B. │ 55
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
CHILE
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the requirement of incorporation in Chile for auditors of
financial institutions;
ii) establishment of branches of non-resident financial institutions
except banks and insurance companies;
iii) the registration of aircraft which is reserved for Chilean natural
persons or Chilean enterprises that are majority-owned by
Chilean nationals;
iv) the registration of shipping vessels for which there is a
requirement of incorporation in Chile and, in the case of vessels
for water transportation, fishing, cabotage and tugging
activities performed in Chilean ports which is reserved for
Chilean natural persons or Chilean enterprises that are
majority-owned by Chilean nationals, and - in the case of vessels
- to co-ownerships in which a majority of members are Chilean
naturals residing in Chile and in which the majority of rights
belong to Chilean nationals;
v) international land transport which must be carried out by
enterprises that are majority-owned by Chileans or by nationals
of Argentina, Bolivia, Brazil, Paraguay, Peru or Uruguay;
vi) stowage and dockage which must be carried out by enterprises
that are majority-owned by Chileans;
vii) small scale fishing, which must be carried out by enterprises that
are constituted by Chileans or permanent resident foreigners;
viii) granting and use of concessions for radio broadcasting, which
is limited to enterprises with no more than 10% foreign
ownership;
ix) mining (including exploration, exploitation and treatment) of
hydrocarbons, liquid or gaseous, of uranium and lithium is
subject to prior authorisation.
Operations in securities on capital markets
– Admission of foreign securities on the domestic capital market.
56 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
List A,
IV/B
C1,D1
Remark: The reservation applies only to:
i) foreign currency denominated securities that are not
denominated in either euros or US dollars;
ii) shares or other securities of a participating nature
denominated in Chilean pesos, for which admission on the
domestic market is subject to authorisation by the Central
Bank.
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature, which may be affected by
laws on inward direct investment.
– Purchase abroad by residents.
Remark: The reservation applies only to the purchase of foreign
securities by insurance companies that would cause foreign assets to
have a share in technical reserves or own funds greater than 20%;
by managers of DL3500 pension funds and the Retirement Bonus
Fund of Law 19882 that would cause foreign assets or convertible
bonds to represent an amount greater than the limits established for
them in DL3500 as amended in 2008; by the Unemployment Fund of
Law 19728 to represent an amount greater than the limits established
in such law; and by managers of housing funds that would cause
foreign assets to have a share of more than 30% in total assets under
administration.
List B,
V/B
D1, D3
Operations on money markets
– Admission of foreign securities and other instruments on the
domestic money market.
Remark: The reservation applies only to securities denominated in
Chilean pesos, for which admission on the domestic market is subject
to authorisation by the Central Bank, and to foreign currency
denominated securities that are not denominated in either euros or
US dollars.
– Purchase or lending abroad by residents.
Remark: The reservation applies only to the purchase of foreign
securities or lending abroad by insurance companies that would
cause foreign assets to have a share in technical reserves or own
ANNEX B. │ 57
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
funds greater than 20%; by managers of DL3500 pension funds and
the Retirement Bonus Fund of Law 19882 that would cause foreign
assets to represent an amount greater than the limits established for
them in DL3500 as amended in 2008; by the Unemployment Fund of
Law 19728 to represent an amount greater than the limits established
in such law; and by managers of housing funds that would cause
foreign assets to have a share of more than 30% in total assets under
administration.
List B,
VI/B
D1, D2,
D3
Other operations in negotiable instruments and non-securitised claims
– Admission of foreign instruments and claims on a domestic financial
market.
Remark: The reservation applies only to securities denominated in
Chilean pesos, for which admission on the domestic market is subject
to authorisation by the Central Bank, and to foreign currency
denominated securities that are not denominated in either euros or
US dollars.
– Purchase, sale or exchange for other assets abroad by residents.
Remark: The reservation only applies to:
i) the acquisition, through purchase or exchange for other
assets, by insurance companies that would cause foreign
assets to have a share in technical reserves or own funds
greater than 20%; by managers of DL3500 pension funds, the
Retirement Bonus Fund of Law 19882 that would cause
foreign assets to represent an amount greater than the limits
established for them in DL3500 as amended in 2008; by the
Unemployment Fund of Law 19728 to represent an amount
greater than the limits established in such law; and by
managers of housing funds that would cause foreign assets to
have a share of more than 30% in total assets under
administration;
ii) the acquisition, through purchase or exchange for other
assets, of foreign financial derivative products that would
cause such products to exceed 3% of technical reserves or risk
patrimony of insurance companies;
iii) the purchase, sale or exchange for other assets by Chilean
stockbrokers on account of Chilean residents.
58 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
List A,
VII/B
D1
Operations in collective investment securities
– Admission of foreign collective investment securities on the
domestic securities market.
Remark: The reservation applies only to securities denominated in
Chilean pesos, for which admission on the domestic market is subject
to authorisation by the Central Bank, and to foreign currency
denominated securities that are not denominated in either euros or
US dollars.
– Purchase abroad by residents.
Remark: The reservation applies only to the purchase of foreign
securities by insurance companies that would cause foreign assets to
have a share in technical reserves plus required capital greater than
20%; by managers of DL3500 pension funds and the Retirement
Bonus Fund of Law 19882 that would cause foreign assets to
represent an amount greater than the limits established for them in
DL3500 as amended in 2008; by the Unemployment Fund of Law
19728 to represent an amount greater than the limits established in
such law; and by managers of housing funds that would cause foreign
assets to have a share of more than 30% in total assets under
administration.
List B,
VIII/B
Credits directly linked with international commercial transactions or
with the rendering of international services.
– Credits granted by residents to non-residents.
Remark: The reservation applies only to the granting of credits to
non-residents by insurance companies that would cause foreign
assets to have a share in technical reserves plus required capital
greater than 20%; by managers of DL3500 pension funds, the
Retirement Bonus Fund of Law 19882 that would cause foreign
assets to represent an amount greater than the limits established for
them in DL3500 as amended in 2008; by the Unemployment Fund of
Law 19728 to represent an amount greater than the limits established
in such law; and by managers of housing funds that would cause
foreign assets to have a share of more than 30% in total assets under
administration.
ANNEX B. │ 59
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
List B,
IX/B
Financial credits and loans
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies only to the granting of credits and
loans to non-residents by insurance companies that would cause foreign
assets to have a share in technical reserves plus required capital greater
than 20%; by managers of DL3500 pension funds and the Retirement
Bonus Fund of Law 19882 that would cause foreign assets to represent
an amount greater than the limits established for them in DL3500 as
amended in 2008; by the Unemployment Fund of Law 19728 to
represent an amount greater than the limits established in such law; and
by managers of housing funds that would cause foreign assets to have a
share of more than 30% in total assets under administration.
List A,
X/A2
Sureties, guarantees and financial back-up facilities
– Sureties and guarantees granted by residents in favour of non-
residents.
Remark: The reservation applies only to the granting of sureties,
guarantees and financial back-up facilities by a domestic bank to
non-residents in foreign currency that would cause the total value of
such operations to exceed the equivalent of 25% of the bank’s
effective net worth.
List B,
X/B2
Sureties, guarantees and financial back-up facilities
– Financial back-up facilities granted by residents in favour of non-
residents.
Remark: The reservation applies only to the granting of sureties,
guarantees and financial back-up facilities by a domestic bank to
non-residents in foreign currency that would cause the total value of
such operations to exceed the equivalent of 25% of the bank’s
effective net worth.
List B,
XI/B
Operation of deposit accounts.
– Operation by residents of accounts with non-resident institutions.
Remark: The reservation applies only to the deposit of funds with
non-resident institutions by insurance companies that would cause
foreign assets to have a share in technical reserves plus required
60 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
capital greater than 20%; by managers of DL3500 pension funds and
the Retirement Bonus Fund of Law 19882 that would cause foreign
assets or time deposits to represent an amount greater than the limits
established for them in DL3500 as amended in 2008; by the
Unemployment Fund of Law 19728 to represent an amount greater
than the limits established in such law; and by managers of housing
funds that would cause foreign assets to have a share of more than
30% in total assets under administration.
ANNEX B. │ 61
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
COLOMBIA
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the purchase of real estate in border regions, national coasts, or
insular territory of Colombia, defined as follows:
(a) border region means a zone of two kilometres in width, parallel
to the national border line;
(b) national coast means a zone of two kilometres in width, parallel
to the line of the highest tide; and
(c) insular territory means islands, islets, keys, headlands, and
shoals that are part of the territory of Colombia;
ii) the establishment of branches of non-resident financial institutions,
except banks and insurance companies, and entities providing
intermediation services for insurance contracts other than those
relating to (a) the goods in international trade that are not covered
under reservations under item D/2 and (b) reinsurance and
retrocession services;
iii) the establishment of branches in air transport and port services;
iv) small scale (artisanal) fishing;
v) foreign equity participation of over 40 percent in television
broadcasting enterprises providing free-to-air services;
vi) private security and surveillance services.
List B,
III/A1
Operations in real estate:
– Operations in the country concerned by non-residents.
62 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies only to the purchase of real estate in
border regions, national coasts, or insular territory of Colombia, defined
as follows:
(a) border region means a zone of two kilometres in width, parallel
to the national border line;
(b) national coast means a zone of two kilometres in width, parallel
to the line of the highest tide; and
(c) insular territory means islands, islets, keys, headlands, and
shoals that are part of the territory of Colombia.
List A,
IV/ C1,
D1, D2
Operations in securities on capital markets:
– Operations in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other
securities of a participating nature which may be affected by laws on
inward direct investment and establishment.
– Operations abroad by residents.
– Purchase.
Remark: The reservation applies only to:
i) the purchase of foreign securities by insurance companies that
would cause foreign assets to have a share in technical reserves
greater than 40%; by managers pension and severance funds that
would cause foreign assets bonds to represent an amount greater
than the limits established for them in Decree 2555 of 2010, as
amended by Decree 857 of 2011;
ii) the purchase abroad of foreign securities by resident stockbrokers
and other securities intermediaries for the account of their clients;
iii) the purchase by Foreign Exchange Market Intermediaries,
including banks, of bonds issued by their affiliates or subsidiaries
established abroad.
– Sale.
Remark: The reservation applies only to:
i) financing in foreign currency that the foreign exchange market
intermediaries obtain from non-residents by selling securities
abroad, which may only be used for the following purposes:
ANNEX B. │ 63
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
a. acquisition of assets, through lending or other transactions, in the
same foreign currency in which the financing was obtained,
provided that such transactions’ maturities are equal to or less
than that of the financing obtained; or
b. acquisition of assets, through lending or other transactions, in
local currency (Colombian Peso) provided that such transactions’
maturities are equal to or less than that of the financing obtained
abroad and only to the extent that the such foreign financing is
matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with
Foreign Exchange Clearing and Settlement Systems, provided
that these transactions’ term is less than that of the financing
obtained; ii) financing in domestic currency that the foreign
exchange market intermediaries obtain from non-residents by
selling securities abroad, except to fund the acquisition of assets,
through lending or other transactions, in domestic currency;
iii) the sale abroad of foreign securities by resident stockbrokers and
other securities intermediaries for the account of their clients.
List B,
V/D1,
D2, D3,
D4
Operations on money markets:
– Operations abroad by residents.
– Purchase of money market securities and lending through other money
market instruments.
Remark: The reservation applies only to:
i) the purchase of money market securities and lending through other
money market instruments by insurance companies that would cause
foreign assets to have a share in technical reserves greater than 40%;
by managers pension and severance funds that would cause foreign
assets bonds to represent an amount greater than the limits
established for them in Decree 2555, as amended by Decree 857 of
2011;
ii) the purchase abroad of foreign money market securities by resident
stockbrokers and other securities intermediaries for the account of
their clients;
64 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
iii) the purchase by Foreign Exchange Market Intermediaries, including
banks, of securities issued by their affiliates or subsidiaries
established abroad.
– Sale of money market securities and borrowing through other money
market instruments.
Remark: The reservation applies only to:
i) financing in foreign currency that the foreign exchange market
intermediaries obtain from non-residents by selling securities abroad
and borrowing through other money market instruments, which may
only be used for the following purposes:
a. acquisition of assets, through lending or other transactions, in the
same foreign currency in which the financing was obtained,
provided that such transactions’ maturities are equal to or less
than that of the financing obtained; or
b. acquisition of assets, through lending or other transactions, in
local currency (Colombian Peso) provided that such transactions’
maturities are equal to or less than that of the financing obtained
abroad and only to the extent that the such foreign financing is
matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with
Foreign Exchange Clearing and Settlement Systems, provided
that these transactions’ term is less than that of the financing
obtained;
ii) financing in domestic currency that the foreign exchange market
intermediaries obtain from non-residents by selling securities abroad
or by borrowing through other money market instruments, except to
fund the acquisition of assets, through lending or other transactions,
in domestic currency;
iii) the sale abroad of foreign money market securities by resident
stockbrokers and other securities intermediaries for the account of
their clients.
List B,
VI /D1,
D2, D3
Other operations in negotiable instruments and non-securitised claims:
– Operations abroad by residents.
– Purchase and exchange for other assets.
Remark: The reservation applies only to:
ANNEX B. │ 65
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
i) the purchase of negotiable instruments and non-securitised claims
or exchange for other assets by insurance companies that would
cause foreign assets to have a share in technical reserves greater
than 40%; by managers pension and severance funds that would
cause foreign assets bonds to represent an amount greater than the
limits established for them in Decree 2555, as amended by Decree
857 of 2011;
ii) the purchase abroad of negotiable instruments and non-securitised
claims by resident stockbrokers and other securities intermediaries
for the account of their clients;
iii) the purchase by Foreign Exchange Market Intermediaries,
including banks, of assets issued by their affiliates or subsidiaries
established abroad.
– Sale and exchange for other assets.
Remark: The reservation applies only to:
i) financing in foreign currency that the foreign exchange market
intermediaries obtain from non-residents through operations in
negotiable instruments and non-securitised claims which may only
be used for the following purposes:
a. acquisition of assets, through lending or other transactions, in the
same foreign currency in which the financing was obtained,
provided that such transactions’ maturities are equal to or less
than that of the financing obtained; or
b. acquisition of assets, through lending or other transactions, in
local currency (Colombian Peso) provided that such transactions’
maturities are equal to or less than that of the financing obtained
abroad and only to the extent that the such foreign financing is
matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with
Foreign Exchange Clearing and Settlement Systems, provided
that these transactions’ term is less than that of the financing
obtained;
66 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ii) financing in domestic currency that the foreign exchange market
intermediaries obtain from non-residents through operations in
negotiable instruments and non-securitised claims, except to fund the
acquisition of assets, through lending or other transactions, in
domestic currency;
iii) the sale abroad of negotiable instruments and non-securitised
claims or exchange for other assets by resident stockbrokers and
other securities intermediaries for the account of their clients.
List A,
VII/D1,
D2
Operations in collective investment securities:
– Operations abroad by residents.
– Purchase.
Remark: The reservation applies only to:
i) the purchase of collective investment securities by insurance
companies that would cause foreign assets to have a share in
technical reserves greater than 40%; by managers pension and
severance funds that would cause foreign assets bonds to represent
an amount greater than the limits established for them in Decree
2555, as amended by Decree 857 of 2011;
ii) the purchase abroad of collective investment securities by resident
stockbrokers and other securities intermediaries for the account of
their clients;
iii) the purchase by Foreign Exchange Market Intermediaries,
including banks, of securities issued by their affiliates or
subsidiaries established abroad.
– Sale.
Remark: The reservation applies only to the sale abroad of collective
investment securities by resident stockbrokers and other securities
intermediaries for the account of their clients.
List B,
IX/A, B
Financial credits and loans:
ANNEX B. │ 67
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
– Credits and loans granted by non-residents to residents.
Remark: The reservation applies only to:
i) Financing in foreign currency that the foreign exchange market
intermediaries obtain from non-residents by borrowing, which may only
be used for the following activities:
a. lending transactions in the same foreign currency in which the
financing was obtained, provided that such transactions’
maturities are equal to or less than that of the financing obtained;
or
b. lending in local currency (Colombian Peso) provided that such
transactions’ maturities are equal to or less than that of the
financing obtained abroad and only to the extent that the such
foreign financing is matched by foreign currency derivative
hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with
Foreign Exchange Clearing and Settlement Systems, provided
that these transactions’ term is less than that of the financing
obtained.
ii) Financing in domestic currency that the foreign exchange market
intermediaries obtain from non-residents by borrowing abroad,
except to fund the acquisition of assets, through lending or other
transactions, in domestic currency;
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies to: granting of credits and loans by
insurance companies that would cause foreign assets to have a share in
technical reserves greater than 40%; by managers pension and
severance funds that would cause foreign assets bonds to represent an
amount greater than the limits established for them in Decree 2555, as
amended by Decree 857 of 2011.
68 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
List A,
XI/A1
Operation of deposit accounts:
– Operations by non-residents of accounts with resident institutions.
– In domestic currency.
Remark: The reservation applies only to the sources and uses of funds,
as follows:
-Only domestic currency proceeds from the following sources may be
deposited to accounts:
(i) transfers of foreign exchange and sales to FEMIs;
(ii) import payments in domestic currency (Colombian peso);
(iii) sales to residents of securities issued by multilateral credit
institutions, provided that the issuance and placement of such
securities has been authorized by the SFC or of loans
denominated in Colombian pesos granted to these institutions;
(iv) sales to FEMIs of foreign currency by foreign capital
investors for acquiring stocks through the public stock market in
order to make foreign investments in the country;
(v) funds in local currency from loans of credit institutions
received in the country in order to acquire stocks on the public
stock market;
(vi) accrued interest on funds deposited in these accounts;
(vii) delivery of funds in Colombian pesos to authorised foreign
agents, products of the liquidation of peso-FX derivatives, when
there is an underlying transaction that must be channelled
through the foreign exchange market and parties have agreed on
effective delivery;
(viii) the transfer of foreign currency on behalf of a foreign agent,
when this negotiation has been agreed upon with the FEMI, to be
paid into this account in Colombian pesos, in accordance with
applicable regulations for the settlement of derivatives; and
(ix) sales of foreign currency to companies which manage
systems for the settlement and clearing of foreign currency on the
part of foreign agents acting as liquidity providers.
ANNEX B. │ 69
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
-Funds on deposit may only be used for:
(i) payment in domestic currency of goods for export;
(ii) purchase of housing and for mortgage loans;
(iii) purchase of foreign currency to transfer it abroad;
(iv) implement the transactions authorized to multilateral credit
entities;
(v) purchase of stocks on the public stock market as a foreign
investment;
(vi) settle derivative contracts by authorised foreign agents; and
(vii) purchase of foreign currency from companies that manage
systems for settling and clearing foreign currency on the part of
foreign agents acting as liquidity providers.
List B,
XI/B1,
B2
– Operations by residents of accounts with non-resident financial
institutions.
Remark: The reservation applies only to deposits by insurance companies
that would cause foreign assets to have a share in technical reserves
greater than 40%; by managers pension and severance funds that would
cause foreign assets bonds to represent an amount greater than the limits
established for them in Decree 2555, as amended by Decree 857 of 2011.
70 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
COSTA RICA
List A
I/A
Direct investment:
- In the country concerned by non-residents.
Remark: The reservation applies only to:
i. concessions and permits of use for land for business
purposes in the maritime-terrestrial zone, coastal urban
areas and border areas for non-residents and foreign-
owned or controlled companies;
ii. investment in road transport to the extent that freight
transport between two points within the territory of Costa
Rica may only be provided by Costa Rican nationals, or
enterprises incorporated in Costa Rica, which are at least
51% owned and effectively controlled or managed by
Costa Rican nationals;
iii. mining to the extent that:
a. 75% of the members of metallic mining co-
operatives must be Costa Rican nationals;
b. concessions may not be granted to foreign
governments or leaders of foreign governments;
iv. commercial electricity generation by enterprises with 65%
or more of foreign ownership;
v. joint ventures with the Public Services Company of
Heredia (ESPH), is limited to a maximum of 49% foreign
capital stock;
vi. private security, surveillance and investigations services,
as well as private security training schools;
vii. media and advertising agencies, except through an
enterprise incorporated in Costa Rica as a sole
proprietorship/personal company (sociedad personal) or
an enterprise of capital with nominative stock;
viii. public accounting firms, which must be locally
incorporated, and majority owned by Certified Public
Accountants;
ix. the establishment of branches of non-resident financial
institutions, including insurance and financial
intermediaries, except for banks, collective investment
funds portfolio management services, collective investment
ANNEX B. │ 71
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
fund managers, reinsurance intermediaries, insurance and
reinsurance companies and their auxiliary services.
List B,
III/A1, B1
Operations in real estate:
- Building or purchase in the country concerned by non-residents.
Remark: The reservation applies to granting of concessions and
permits for the use of state-owned land in the maritime-terrestrial
zones, coastal urban areas and border areas for non-residents and
foreign-owned or controlled companies.
-Building or purchase abroad by residents.
Remark: The reservation applies to the acquisition abroad of real
estate by resident banks, savings and credit cooperatives, non-bank
financial institutions and pension funds.
List A,
IV/C1, D1
Operations in securities on capital markets:
- Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature, which may be affected by
laws on inward direct investment.
-Purchase abroad by residents:
Remark: The reservation applies to the purchase of:
i) foreign securities and other financial instruments for private
pension funds, that would represent more than 25% of the fund’s
total assets;
ii) real estate-backed securities for resident banks, savings and
credit cooperatives, and non-bank financial institutions.
List B
V/D1
Operations on money markets:
Purchase abroad by residents:
Remark: The reservation applies to the purchase of:
i) foreign securities and other financial instruments for private
pension funds, that would represent more than 25% of the fund’s
total assets;
72 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ii) real estate-backed securities for resident banks savings and
credit cooperatives, and non-bank financial institutions.
List B
VI/D1
Other operations in negotiable instruments and non-securitised
claims:
-Purchase abroad by residents:
Remark: The reservation applies only to private pension funds for
the purchase of foreign financial instruments that would represent
more than 25% of the fund’s total assets.
List A
VIII(i)/B
Credits directly linked with international commercial transactions
or with the rendering of international services:
-Credits granted by residents to non-residents:
Remark: The reservation only applies to non-bank financial
institutions, which cannot grant credit to non-residents.
List B
VIII(ii)/B
Credits directly linked with international commercial transactions
or with the rendering of international services:
-Credits granted by residents to non-residents:
Remark: The reservation only applies to non-bank financial
institutions, which cannot grant credit to non-residents.
List B
IX/B
Financial credits and loans:
- Credits and loans granted by residents to non-residents:
Remark: The reservation applies only to non-bank financial
institutions, which cannot grant credit to non-residents;
List A
X(i&ii)/A2
X(i)/B2
Sureties, guarantees and financial back-up facilities:
-Sureties and guarantees granted by residents in favour of non-
residents.
Remark: The reservation applies only to:
i) the encumbrance of shares and quotas of locally incorporated
media or advertising agency company in favour of corporations
with bearer shares, foreign enterprises or foreign nationals;
ANNEX B. │ 73
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ii) non-bank financial institutions.
- Financial back-up facilities granted by residents in favour of non-
residents.
Remark: The reservation applies only to non-bank financial
institutions.
List B
X(ii)/B2
Financial back-up facilities:
- Financial back-up facilities granted by residents in favour of non-
residents.
Remark: The reservation applies only to non-bank financial
institutions.
List B
XII/A2,A3
Operations in foreign exchange:
-In the country concerned by non-residents:
Remark: The reservation applies only to the sale or exchange of
foreign currency derivatives and structured products.
74 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
CZECH REPUBLIC
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies to:
i) the purchase of real estate comprising the agricultural land
fund and forests by branches of non-resident enterprises;
ii) the operation of a branch as a “mortgage bank” to the extent
that a “mortgage bank” is an institution authorised to issue
mortgage securities on domestic markets, which is reserved to
financial institutions incorporated under domestic law;
iii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
iv) operation of lotteries and similar games, except:
a) betting games in casinos for which an authorisation may
be granted to legal persons established in the Czech
Republic;
b) consumer lotteries in which the prize may be only in-kind
fulfilment, services or goods, products, etc, provided that
the total value of the in-kind prizes for one calendar year
does not exceed the sum of 200 000 Czech crowns and the
value of one prize does not exceed the sum of 20 000 Czech
crowns;
v) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– Building or purchase in the country concerned by non-residents.
List A,
IV/B1
Operations in securities on capital markets:
ANNEX B. │ 75
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
– Issue through placing or public sale of foreign securities on the
domestic capital market.
Remarks: The reservation applies to:
i) residential mortgage securities backed to real estate which is
situated outside the EU;
ii) the purchase of shares and other securities of a participating
nature which may be affected by regulations on inward direct
investment and establishment in air transport.
List B,
V/B1
Operations on money markets:
– Issue through placing or public sale of foreign securities and other
instruments on the domestic money market.
Remark: The reservation applies only to residential mortgage
securities backed to real estate which is situated outside the EU.
List B,
XI/B1
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
76 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
DENMARK
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) ownership of Danish flag vessels by non-EU residents except
through an enterprise incorporated in Denmark;
ii) ownership by non-EU residents of one-third or more of a
business engaged in commercial fishing;
iii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
iv) investment in accountancy services by non-EU residents and in
legal services by non-residents;
v) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation does not apply to the acquisition of real
estate by:
i) persons who have formerly been residents of Denmark for at
least five years;
ii) EU nationals working in Denmark and EU-based companies
operating in Denmark, for residential or business purposes;
iii) non-EU nationals who are either in possession of a valid
residence permit or are entitled to stay in Denmark without
such a permit, for residential or active business purposes.
ANNEX B. │ 77
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ESTONIA
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the acquisition real estate in Estonia’s islands (except the four
largest ones) and in 17 local government units bordering the
Russian Federation;
ii) majority ownership of an Estonian flag maritime vessel by non-
EU residents except through an enterprise established in
Estonia;
iii) majority ownership of an air company by non-EU residents;
iv) to the extent that under EU Directive 85/611/EEC, a depository
of an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established in
the EU country if its registered office is in another EU country.
List B,
III/A1
Operations in real estate:
– Building or purchase in the country concerned by non-residents.
Remark: The reservation applies only to the acquisition of real estate in
Estonia’s islands (except the four largest ones) and in 17 local
government units bordering the Russian Federation.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature which may be affected by the
laws on inward direct investment and establishment.
List A,
IV/D1
Purchase of bonds or other debt securities abroad by residents:
Remark: The reservation applies only to the extent that undertakings for
collective investment in transferable securities (UCITS) may not invest
in covered bonds which are issued by a non-EU credit institution.”
78 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
FINLAND1
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) establishment of branches of non-EU companies, unless an
authorisation is granted by the National Board of Patents and
Registration of Finland;
ii) investment in an enterprise engaged in activities involving the
use of nuclear energy by non-EU residents, unless an
authorisation is granted for specific reasons;
iii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
iv) acquisition of 40 per cent or more in Finnish flag vessels,
including fishing vessels, except through an enterprise
incorporated in Finland or unless an authorisation is granted
by the Ministry of Transport and Communication. The
reservation does not apply to EU residents who own 60 per cent
or more of a vessel and have their central place of management
or principal place of business in an EU state;
v) the right of establishment or the right to acquire and hold real
property by legal or natural persons who do not enjoy regional
citizenship in Aaland, on the Aaland Islands without permission
by the competent authorities of the Aaland Islands;
vi) investment by a non-EU national in a corporation or
partnership carrying out activities as an “asianajaja” or
“advokat”. The reservation does not apply to investment in a
corporation or partnership supplying other legal services;
1 The provisions of the Revised Capital Movements Code concerning
items IV-XII, XV and XVI do not apply for the time being to the Aaland
Islands, which accordingly have neither rights nor obligations under these
items.
ANNEX B. │ 79
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
vii) investment in an auditing company by a person not authorised
as an auditor in the EU forming the majority of voting rights in
the company;
viii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to the restriction on the right to
acquire and hold real property on the Aaland Islands by legal or
natural persons who do not enjoy regional citizenship in Aaland,
without permission by the competent authorities of the Aaland Islands.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies to the purchase of shares and other
securities of a participating nature which may be affected by laws on
inward direct investment and establishment.
80 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
FRANCE
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) ownership after acquisition of more than 49 per cent of a
French flag vessel, except through an enterprise incorporated
in the EU. Moreover, nationals of countries that are not
members of the EU may not engage in cabotage;
iii) establishment of branches of insurance undertakings not
headquartered in the EU, which are subject to special
authorisation in respect to their representative and to specific
requirements relating to the deposit, withdrawal and transfer
of funds;
iv) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List A,
IV/CI
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase by non-EU
residents of securities not quoted on a recognised securities market which
may be affected by laws on inward direct investment and establishment.
List B,
V/B1
Operations on money markets:
– Issue through placing or public sale of foreign securities and other
instruments on the domestic money market.
Remark: The reservation applies only to the issue of certificates of
deposit by non-resident banks.
List A,
VII/B1,
B2
Operations in collective investment securities:
ANNEX B. │ 81
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
– Issue through placing or public sale of foreign collective investment
securities on the domestic securities market.
Remark: The reservation does not apply to collective investment
securities that are of EU origin and comply with EU Directive
85/611/EEC.
– Introduction of foreign collective investment securities on a
recognised domestic securities market.
Remark: The reservation does not apply to collective investment
securities that are of EU origin and comply with EU Directive
85/611/EEC.
82 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
GERMANY
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the role of depository bank for investment funds of capital
investment companies, which is not permitted to branches of
non-resident financial institutions having their head office
outside the EU;
ii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
iii) acquisition of a German flag vessel, except through an
enterprise incorporated in Germany;
iv) investment in the broadcasting (radio and television) sector
except through a subsidiary incorporated in a German Land, as
required for both residents and non-residents;
v) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
ANNEX B. │ 83
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
GREECE
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to non-EU investors as
follows:
i) acquisition of real estate in border regions;
ii) investment in the mining sector unless concession in mineral
rights are granted;
iii) establishment of a representative office or a branch of a foreign
bank, unless an authorisation is granted;
iv) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
v) ownership of more than 49 per cent of a Greek flag vessel for
maritime transport or fishing purposes;
vi) ownership of more than 25 per cent of the capital of a television
(including cable television) company and 49 per cent of the
capital of a radio broadcasting company;
vii) investment in the accountancy sector;
viii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– Building or purchase by non-residents.
Remark: The reservation applies only to the acquisition of real estate
in border regions by non-EU residents.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
84 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies only to the purchase of shares and
other securities of a participation nature in the broadcasting and
maritime sectors which may be affected by the laws on inward direct
investment and establishment.
List B,
XI/B1
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
ANNEX B. │ 85
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
HUNGARY
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) acquisition of a shipping license to operate in international
waters, which is reserved to enterprises established in Hungary
and operating shipping vessels registered in EU member states;
iii) the provision of asset management services by branches of non-
resident investors located outside the EU to domestic and
compulsory and voluntary private pension funds;
iv) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1,
B1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation does not apply to:
i) the acquisition of agricultural land by EU nationals who want
to establish themselves as self-employed farmers and who have
been legally resident and active in farming in Hungary for at
least three years continuously;
ii) the acquisition of primary residence by EU nationals and the
acquisition of real estate other than agricultural land by legal
persons and unincorporated entities established the EU;
iii) the acquisition of secondary residences by EU nationals who
have been legally resident in Hungary at least for four years
continuously.
– Building or purchase abroad by residents.
86 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies only to the acquisition of real estate
outside the EU by a voluntary mutual insurance fund and a
compulsory pension fund.
List A,
IV/C1,
D1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of participating nature which may be affected by
regulations on inward direct investment and establishment in air
transport and in companies licensed to operate in international
waters.
– Purchase abroad by residents.
Remark: The reservation applies to the acquisition of bonds issued
by foreign corporates or foreign municipalities which would cause
pension funds investment into these assets to exceed respectively 10
per cent of total investments.
List B,
XII/B
Operations in foreign exchange:
– Abroad by residents
Remark: The reservation applies only to the extent that banks may
not hold foreign exchange on balance sheet positions vis-a-vis non-
residents in excess of the maximum percentage of their total assets".
ANNEX B. │ 87
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ICELAND1
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment by foreign states or state-owned enterprises, unless
an authorisation is granted;
ii) investment in real estate, except for a legal entity which has
acquired rights to conduct a business enterprise and provided
that the real estate is only accompanied by normal rights to
ground and does not include other rights, such as fishing or
water exploitation rights;
iii) acquisition of rights to natural resources or energy
exploitation, and investment in energy production or
distribution;
iv) investment in fishing and primary fish processing (i.e.
excluding retail packaging and later stages of preparation of
fish products for distribution and consumption); except through
indirect investment in Icelandic legal entities with a share no
more than 25% ownership of foreign residents calculated on
the basis of share capital or initial capital, which is increased
to no more than 33% foreign ownership in the case of Icelandic
legal person which own no more than 5% of any fishing
operations in the Icelandic fisheries jurisdiction or fish
processing in Iceland;
v) investment in an air transport company exceeding 49 per cent
of share capital;
vi) ownership of Icelandic flag vessels, except through an
enterprise incorporated in Iceland.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation does not apply to the building or purchase
of real estate where:
1 Iceland is currently under the derogation clause of Article 7b of the OECD
Codes of Liberalisation.
88 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
i) in the case of limited-liability companies non-resident
ownership does not exceed 1/5 of the total equity and Icelandic
citizens hold a majority of the total voting power at
shareholders' meetings;
ii) an authorisation is granted.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares or
other securities of a participating nature which may be affected by
laws on inward direct investment and establishment.
ANNEX B. │ 89
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IRELAND
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) acquisition by non-EU nationals of land for agricultural
purposes, unless an authorisation is granted;
iii) acquisition of Irish-registered shipping vessels except through
an enterprise incorporated in Ireland;
iv) acquisition by non-EU nationals of sea fishing vessels
registered in Ireland;
v) investment by residents of non-EU member countries in flour
milling activities;
vi) the establishment of branches of insurance undertakings not
headquartered in the EU;
vii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to the acquisition of an interest
in rural land for which authorisation is required, other than land not
exceeding two hectares in area and acquired for private residential
purposes.
90 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ISRAEL
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) establishment of branches by non-resident providers of
investment advice and marketing, portfolio management and
pension fund management services;
ii) establishment of branches by non-resident private pension
funds;
iii) air transport to the extent that foreign equity participation in
an airline company is limited to 49% of its capital;
iv) maritime transport, to the extent that:
a) the acquisition of 49% or more in Israeli flag vessels is
reserved for Israeli residents and
b) the establishment in Israel for the purpose of providing port
services at ports open to international shipping for the general
public requires majority control by Israeli nationals;
v) telecommunication services to the extent that
a) in international communications services, a foreign operator
may hold only up to 49% of the controlling interest of a
licensee and at least 26% of the control in a licensee must be
held by nationals who are residents of Israel;
b) in a domestic licensed fixed line operator the controlling
interest must be held by an Israeli individual or a corporation
incorporated in Israel in which an Israeli individual holds at
least 20% interest;
c) in radio and mobile telephone services, where at least 20% of
the shares must be held by Israeli residents;
d) in satellite broadcasting, where at least 26% of the
controlling interest in a licensee must be held by nationals
who are residents of Israel;
e) in cable broadcasting ,where a) at least 26% of the
controlling interest in the licensee must be held by nationals
ANNEX B. │ 91
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who are residents of Israel and b) a license may not be
granted to an applicant in which a foreign government holds
shares, unless the Minister of Communications authorises an
indirect holding in the licensee of up to 10% by such an
applicant; and
f) in commercial television and regional radio, where at least
51% of the controlling interest in the concession must be held
by nationals who are residents of Israel;
vi) electricity, where the maximum proportion of investment in a
company licensed to transmit, distribute or produce a
substantial part of electricity to be held, directly or indirectly,
by a non-resident, is subject to a determination by the Minister
of National Infrastructures and the controlling interest of the
company must be held by a national who is a resident of Israel;
vii) investment in real estate, where the acquisition of land by
companies controlled by foreign nationals is subject to the prior
approval of the Israel Land Administration Council.
List B,
III/A1
Operations in real estate:
– Building or purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of land by
foreigners, which is subject to the prior approval of the Israel Land
Administration Council.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature which may be affected by
the laws on inward direct investment and establishment.
92 │ ANNEX B.
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ITALY
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) majority participation or controlling interest in companies that
publish daily newspapers and periodicals;
ii) licence granted to audiovisual- communications enterprises
having their headquarters in a non-EU member country;
iii) majority participation by non-EU residents in companies
licensed for television and sound-radio broadcasting, and
participation by non-EU residents in companies having no
legal personality and licensed for television and sound-radio
broadcasting;
iv) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
v) the purchase by foreigners other than EU residents of a majority
interest in Italian flag vessels or of a controlling interest in ship
owning companies having their headquarters in Italy;
vi) the purchase of Italian flag vessels used to fish in Italian
territorial waters;
vii) the establishment of branches, agencies, etc. of securities
investment companies;
viii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
ANNEX B. │ 93
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JAPAN
List A,
I/A, B
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in the following sectors:
a) primary industry related to agriculture, forestry and
fisheries;
b) mining;
c) oil;
d) leather and leather products manufacturing;
ii) investment in air transport;
iii) investment in maritime transport;
iv) foreign capital participation, direct and/or indirect, in Nippon
Telegraph and Telephone Corporation (NTT) must be less than
one-third.
– Abroad by residents.
Remark: The reservation applies only to investments in an enterprise
engaged in fishing regulated by international treaties to which Japan
is a party or fishing operations coming under the Japanese Fisheries
Law.
94 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
KOREA
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in primary sectors, as follows:
a) the growing of rice and barley;
b) cattle husbandry and the wholesale selling of meat except if foreign
investors hold less than 50 per cent of the share capital;
c) fishing in internal waters, the territorial sea and the Exclusive
Economic Zone (EEZ) if foreign investors hold 50 per cent or more
of the share capital;
d) nuclear power generation; electric power transmission, electric
power distribution and supply via state enterprises if foreign
investors hold 50 per cent or more of the share capital or a foreign
investor would become the single largest shareholder;
ii) establishment of financial institutions, as follows:
a) branches of mutual savings and finance companies, short-term
investment and finance companies, credit information companies and
merchant banks;
b) subsidiaries or joint ventures providing credit information services,
when foreign investors, other than foreign financial institutions, own
50 per cent or more of the companies’ shares; as well as acquisitions
bringing foreign ownership by investors other than foreign financial
institutions at or above 50 per cent of the share capital of such a
company;
iii) investment in the transport sector, as follows:
a) airline companies if foreign investors hold 50 per cent or more of the
share capital;
b) shipping companies engaged in cabotage, except those transporting
passengers and/or cargoes between the ROK and the DPRK if foreign
investors hold less than 50 per cent of the share capital;
ANNEX B. │ 95
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iv) investment in the communications sector, as follows:
a) news agencies if foreign investors hold 25 per cent or more of the
share capital;
b) enterprises publishing newspapers if foreign investors hold 30 per
cent or more of the share capital;
c) enterprises publishing periodicals if foreign investors hold 50 per
cent or more of the share capital;
d) broadcasting companies, except if foreign investors hold 33 per cent
or less of the share capital of a satellite broadcasting operator and if
foreign investors hold 49 per cent or less in a program provider that
is not engaged in multi-genre programming or news reporting, in a
cable system operator, and in a signal transmission network business
operator;
e) facilities-based telecommunications companies, if foreign investors
hold more than 49 per cent of the share capital;
v) investment in designated resident public-sector utilities in the process of
privatisation, in cases where the investment in question would bring
individual or aggregate holdings of foreign investors above the
respective percentages of a firm’s outstanding shares allowed by the
relevant laws.
List B,
III/B1
Operations in real estate:
– Building or purchase abroad by residents.
Remark: The reservation applies only to the acquisition of real estate by an
insurance company which would cause the sum of its assets denominated in
foreign currency to exceed 30 per cent of its total assets.
List A,
IV/A1,
C1, D1
Operations in securities on capital markets:
– Issue through placing or public sale of domestic bonds or other debt securities
(original maturity of one year or more) on a foreign capital market.
Remark: The reservation applies only to the extent that a levy is charged on
Korean financial institutions’ foreign currency non-deposit liabilities with a
remaining maturity of one year or less.
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of listed shares issued
by designated resident public-sector utilities in the process of privatisation in
cases where the investment in question would bring individual or aggregate
holdings of foreign investors above the respective percentages of a firm’s
96 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
outstanding shares allowed by the relevant laws and to the purchase of
securities not quoted on a recognised securities market which may be affected
by laws on inward direct investment and establishment.
– Purchase abroad by residents.
Remark: The reservation applies to the purchase by an insurance company of
securities issued on a foreign financial market or in foreign currency on the
domestic market which would cause the sum of its assets denominated in foreign
currency to exceed 30 per cent of its total assets.
List B,
V/A1,
D1, D4
Operations on money markets:
– Issue through placing or public sale of domestic securities or other instruments
(original maturity of less than one year) on a foreign money market.
Remark: The reservation applies only to the extent that a levy is charged on
Korean financial institutions’ foreign currency non-deposit liabilities with a
remaining maturity of one year or less.
– Purchase of money market securities abroad by residents.
Remark: The reservation only applies to the purchase of securities
denominated in domestic currency and to purchase by an insurance company
of securities issued on a foreign financial market or in foreign currency on
the domestic market which would cause the sum of its assets denominated in
foreign currency to exceed 30 per cent of its total assets.
– Borrowing through other money market instruments.
Remark: The reservation applies only to the extent that a levy is charged on
Korean financial institutions’ foreign currency non-deposit liabilities with a
remaining maturity of one year or less.
List B,
VI/A1
Other operations in negotiable instruments and non-securitised claims:
– Issue through placing or public sale of domestic instruments and claims on a
foreign financial market.
Remark: The reservation applies only to the extent that a levy is charged on
Korean financial institutions’ foreign currency non-deposit liabilities with a
remaining maturity of one year or less.
List A,
VII/D1
Operations in collective investment securities:
– Purchase abroad by residents.
Remark: The reservation applies to purchase by an insurance company of
securities issued on a foreign financial market or in foreign currency on the
ANNEX B. │ 97
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domestic market which would cause the sum of its assets denominated in foreign
currency to exceed 30 per cent of its total assets.
List B,
IX/A
Financial Credits and Loans:
– Credits and loans granted by non-residents to residents.
Remark: The reservation applies only to the extent that a levy is charged on
Korean financial institutions’ foreign currency non-deposit liabilities with a
remaining maturity of one year or less.
List A,
X/A2
Sureties, guarantees and financial back up facilities:
– Sureties and guarantees granted by residents in favour of non-residents.
Remark: The reservation applies only to the extent that a levy is charged on
Korean financial institutions’ foreign currency non-deposit liabilities with a
remaining maturity of one year or less.
List B,
XI/B2
Operation of deposit accounts:
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to the operation of deposit accounts by an
insurance company whose sum assets denominated in foreign currency
exceeds 30 per cent of its total assets.
List B,
XII/B
Operations in foreign exchange:
– Abroad by residents
Remark: The reservation applies only to the extent that banks may not hold
foreign exchange derivative positions in excess of the maximum percentage
of equity.
98 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
LATVIA
List A,
I/A
- Direct investment:
- In the country concerned by non-residents.
Remark : The reservation applies only to :
i) Air transport services, for which an operating license can be granted
only to enterprises which must be majority owned and effectively
controlled by EU and/or nationals of EU, unless otherwise provided
for through an international agreement to which the EU is a signatory.
ii) Private security and surveillance services, majority ownership except
by investors of an EU country. The reservation on private security
and surveillance services will cease to apply on 31 December 2019;
iii) The extent that under EU Directive 2009/65/EC, a depository of an
undertaking for collective investment in transferable securities
(UCITS) must either have its registered office in the same EU country
as that of the undertaking or be established in the EU country if its
registered office is in another EU country.
List A,
VIII(i)/
B
Credits directly linked with international commercial transactions or with the
rendering of international services:
i) In cases where a resident participates in the underlying commercial or
service transaction.
B. Credits granted by residents to non-residents.
Remark: The reservation applies to the extent that authorities may impose
higher minimum capitalisation requirements on banks maintaining loans
to non-residents of over 5% of total assets.
ii) In cases where no resident participates in the underlying commercial or
service transaction.
List B,
VIII(ii)/
B
B. Credits granted by residents to non-residents.
Remark: The reservation applies to the extent that authorities may impose
higher minimum capitalisation requirements on banks maintaining loans to
non-residents of over 5% of total assets.
List B,
IX/B
- Financial credits and loans:
B. Credits and loans granted by residents to non-residents.
Remark: The reservation applies to the extent that authorities may impose
higher minimum capitalisation requirements on banks maintaining loans
to non-residents of over 5% of total assets.
ANNEX B. │ 99
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List A,
XI/A
- Operation of deposit accounts:
- Operation by non-residents of account with resident institutions.
Remark: The reservation applies to the extent that authorities may impose
a higher minimum liquidity ratio and a higher minimum capital
requirement on banks maintaining deposits of non-residents of over 20%
of total assets.
100 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
LITHUANIA
List A,
I/A
Direct investment:
- In the country concerned by non-residents.
Remark: The reservation applies only to:
i) air transport services, for which an operating license can only be
granted to enterprises which are majority owned and effectively
controlled by EU Member States and/or nationals of EU Member
States, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) acquisition of a Lithuanian flag vessel, except if the ship owner
is a Lithuanian natural person or an enterprise incorporated in
Lithuania;
iii) the extent that under EU Directive 2009/65/EC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU Member State as that of the undertaking or be
established in the EU Member State if its registered office is in
another EU Member State;
iv) the extent that a depository of a pension fund can only be a bank
having the right to provide investment services in Lithuania or in
an EU Member State and having its registered office or branch
established in Lithuania.
List A,
IV/D1
Operations in securities on capital markets:
- Purchase abroad by residents.
Remark: the reservation applies only to the extent that:
i) pension funds may not invest more than 5% of net assets in
covered bonds issued by a non-EU credit institution.
ii) collective investment in transferable securities (UCITS) may not
invest more than 5% of net assets in covered bonds issued by a
non-EU credit institution.
ANNEX B. │ 101
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LUXEMBOURG
*List
A, I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country;
ii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory
List B,
III/B1
Operations in real estate:
– Building or purchase abroad by residents.
Remark: The reservation applies to the acquisition of real estate
situated outside the EU if the assets in question are to form part of the
cover of the technical provisions of a private pension fund.
List A,
IV/D1
Operations in securities on capital markets:
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by
non-EU residents if the assets in question are to form more than 5 per
cent of the cover of the technical provisions of a private pension fund.
List B,
V/D1
Operations on money markets:
– Purchase of money market securities abroad by residents.
Remark: The reservation applies to the purchase of securities issued by
non-EU residents if the assets in question are to form more than 5 per
cent of the cover of the technical provisions of a private pension fund.
List B,
VI/D1
Other operations in negotiable instruments and non-securitised claims:
– Purchase abroad by residents.
Remark: the reservation applies to purchase of or swap operations in
instruments and claims issued by non-EU residents if the assets in
question are to form more than 5 per cent of the cover of the technical
provisions of a private pension fund.
102 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
List A,
VII/D1
Operations in collective investment securities:
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by
non-EU residents if the assets in question are to form more than 5 per
cent of the cover of the technical provisions of a private pension fund.
List B,
IX/B
Financial credits and loans:
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies to credits and loans granted to non-
resident borrowers, if these assets are to form part of the cover of the
technical provisions of a private pension fund.
List B,
XI/B1,
B2
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits held with financial
institutions established outside the EU if these assets are to form part
of the technical provisions of a private pension fund.
ANNEX B. │ 103
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MEXICO
List A, I/A Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) acquisitions exceeding a total of 49 per cent of the equity of
a Mexican company, which are subject to review if the total
value of the assets of that company exceeds
US$150 million, which is adjusted annually;1
ii) acquisition of land used for agriculture, livestock or
forestry purposes; however “T” shares which represent the
value of such land may be purchased up to a total of 49 per
cent of the value of the land;
iii) investment in:
a) retail trade in gasoline and distribution of liquefied
petroleum gas;
b) supply of fuels and lubricants for ships, aircraft and
railroad equipment exceeding a total of 49 per cent of
equity;
c) construction of oil pipelines and other derivative
products and oil and gas drilling exceeding a total of
49 per cent of equity, unless an authorisation is
granted;
iv) investment exceeding a total of 49 per cent in fishing, other
than aquaculture, in coastal and fresh waters or in the
Exclusive Economic Zone;
v) investment in air, maritime and ground transport and
related services including cabotage and port services,
except:
a) participation up to a total of 49 per cent of equity in
scheduled and non-scheduled domestic air
1 The specific amount is determined each year by the National Foreign
Investment Commission (Comisión Nacional de Inversiones Extranjeras).
In 2009, this amount was 2 756 411 632 Mexican Pesos (about
USD 212 million).
104 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
transportation service, non-scheduled international
air transportation service in air taxi modality,
specialized air transportation service, and the
administration of air terminals, for the latter, a
percentage above 49 per cent is allowed provided an
authorisation is granted;
b) participation up to a total of 49 per cent of equity in
interior navigation and coastal sailing, except tourist
cruises, the exploitation of dredges and other naval
devices for ports and in port pilot services for interior
navigation; in foreign commerce shipping and port
services for interior navigation where participation
above 49 per cent may be authorised;
c) railroad related services and participation up to 49
per cent in the capital stock of a railway
concessionaire enterprise (full ownership may be
authorised);
vi) investment in radio and television broadcasting;
newspapers for national distribution;
vii) investment by a foreign government or state enterprise in
any kind of communications or transports activities or
direct or indirect investment by a foreign government or
state enterprise, or direct or indirect investment in
financial institutions, except for commercial banks,
financial holding companies, securities specialists and
securities firms where the restriction applies only to
investment by entities that exercise governmental authority
functions;
viii) in the Restricted Zone, acquisition of real estate by
branches established in the country by non-resident
enterprises and investment in residential real estate by
enterprises with foreign participation incorporated in the
country;
ix) investment aircraft building, assembly or repair, in
shipbuilding and ship repairs, or in any activity requiring
a concession other than railways, except through an
enterprise incorporated in Mexico;
ANNEX B. │ 105
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x) investment by foreign nationals in legal services1 and
private education services exceeding 49 per cent of equity,
unless an authorisation is granted;
List B
III/A1,B
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation does not apply to:
i) the acquisition by foreign non-residents of real estate
outside a 100-kilometre strip alongside the Mexican land
border and a 50-kilometre strip inland from the Mexican
coast, provided the investor agrees to consider himself
Mexican and to refrain from invoking the protection of his
government regarding the property thus acquired;
ii) the acquisition by foreign non-residents of real estate
through a real estate trust within the zone defined
above.
– Building or purchase abroad by residents.
Remark: The reservation applies to the direct acquisition of
real estate abroad by an insurance company or by a
privately managed pension fund.
List A,
IV/C1,
D1
Operations in securities on capital markets:
– Purchase in the country concerned by non-
residents.
Remark: The reservation applies to the purchase of shares
and other securities of a participating nature which
may be affected by the laws on inward direct
investment and establishment.
– Purchase abroad by residents.
Remark: The reservation applies to the purchase by:
1 A professional license in law is required to be a public notary or a
commercial public notary. Only a Mexican national by birth may be licensed
as a public notary or a commercial public notary. Neither a public notary, nor
a commercial public notary may have a business affiliation with any person
who is not licensed in the same category of public notary.
106 │ ANNEX B.
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(i) a privately managed pension fund of securities issued abroad
which would cause the total of foreign assets to exceed 20 per
cent of its assets under management.
(ii) an insurance company of securities on foreign capital
markets, with the exception of those traded in regulated
financial market which are subject to approval by the
supervisory authority in Mexico and should not cause
foreign assets to exceed 20% of total assets covering
technical provisions
List B,
V/D1
Operations on money markets:
– Purchase of money market securities abroad by residents.
Remark: The reservation applies to the purchase by:
(i) a privately managed pension fund of securities issued abroad.
(ii) an insurance company of securities on foreign money markets,
with the exception of those traded in regulated financial markets
which are subject to approval by the supervisory authority in
Mexico and should not cause foreign assets to exceed 20% of total
assets covering technical provisions.
List A,
VII/B2, D1
Operations in collective investment securities:
– Introduction of foreign collective investment securities on a
recognised domestic securities market.
– Purchase abroad by residents.
Remark: The reservation applies to purchase by:
i) a privately managed pension fund of foreign private
investment funds except for indexed mutual funds and should
not cause the total of foreign assets to exceed 20 per cent of
its assets under management.
an insurance company of foreign collective investment securities,
with the exception of those traded in regulated financial markets
which are subject to approval by the supervisory authority in
Mexico and should not cause foreign assets to exceed 20% of total
assets covering technical provisions.
List B, IX/B Financial credits and loans:
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies to credits and loans
denominated in foreign currency granted by:
ANNEX B. │ 107
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i) a privately managed pension fund.
an insurance company to non-residents, with the exception of
those granted to non-resident borrowers in regulated financial
markets which are subject to approval by the supervisory
authority in Mexico and should not cause foreign assets to exceed
20% of total assets covering technical provisions.
List A,
XI/A2
Operation of deposit accounts:
– By non-residents in foreign currency with resident institutions.
Remark: The reservation applies only to:
i) non-residents other than enterprises having an address in
Mexico;
ii) term deposit accounts of non-residents with resident banks.
List B,
XI/B1, B2
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits of funds denominated
in foreign currency by:
i) a privately managed pension fund, with the exception of
deposits of funds abroad by foreign banks regulated by
eligible countries and have a credit rating at least equal to
investment grade. Such deposits should not cause the total
of foreign assets to exceed 20 per cent of its assets under
management.
ii) an insurance company, with the exception of deposits of
funds in foreign financial institutions that are subsidiaries
of Mexican financial institutions which are subject to
approval by the supervisory authority in Mexico. Such
deposits should not cause the total of foreign assets to
exceed 20 per cent of total assets covering technical
provisions.
108 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
NETHERLANDS
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) ownership of Netherlands flag vessels, unless the investment is
made by shipping companies incorporated under the law of an
EU country and having their actual place of management in the
Netherlands;
iii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
ANNEX B. │ 109
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NEW ZEALAND
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) acquisition of 25 per cent or more of any class of shares or
voting power in a New Zealand company where the
consideration for the transfer, or the value of the assets, exceeds
NZ$ 10 million, unless an authorisation is granted;
ii) commencement of business operations, or acquisition of an
existing business, in New Zealand, where the total expenditure
to be incurred in setting up or acquiring that business exceeds
NZ$ 10 million, unless an authorisation is granted;
iii) acquisition, regardless of dollar value, of 25 per cent or more
of any class of shares or voting power in a New Zealand
company engaged in:
– commercial fishing; and
– rural land;
iv) any acquisition, regardless of dollar value, of assets used, or
proposed to be used, in a business engaged in any of the
activities listed in iii) above;
v) the registration of vessels to engage in maritime transport
activities, except through an enterprise incorporated in New
Zealand;
vi) telecommunications to the extent that no person who is not a
New Zealand national shall have a relevant interest in more
than 49.9 per cent of the total voting shares in Telecom
Corporation of New Zealand Limited for the time being without,
and except in accordance with the terms of, the prior written
approval of the Kiwi Shareholder;
vii) the establishment of branches of foreign banks and insurers.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
110 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies only to the purchase by foreigners
(irrespective of their place of residence) of rural farmland, scenic
reserve land and offshore islands.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of class A
shares in Air New Zealand which are reserved to New Zealand
nationals.
ANNEX B. │ 111
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
NORWAY
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in enterprises engaged in the exploration of minerals
unless all members of the board of directors are Norwegian
nationals;
ii) establishment of branches of foreign banks;
iii) establishment of branches of securities brokerage firms or
management companies for collective investment funds;
iv) investment in air transport, except through a limited liability
company in which at least two-thirds of the capital is Norwegian;
v) investment in the accountancy sector exceeding 49 per cent,
and in the legal sector, by non-residents;
vi) ownership of Norwegian flag vessels, except a) through a
partnership or joint stock company where Norwegian citizens
own at least 60 per cent of the capital, b) by registering the
vessel in the Norwegian International Ship Register under the
applicable conditions;
vii) investment in a registered fishing vessel bringing foreign
ownership of the vessel above 40 per cent;
viii) investment in a nationally operating broadcasting corporation
bringing foreign ownership above one-third of the
corporation's share capital.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to the acquisition of secondary
residences by non-residents.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature which may be affected by
laws on inward direct investment and establishment.
112 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
POLAND
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the operation of a branch as a “mortgage bank” to the extent
that a “mortgage bank” is defined under Polish law as an
institution authorised to issue mortgage securities on domestic
markets, and thereby reserved to financial institutions
incorporated under domestic law;
ii) the provision of asset management services by branches of non-
resident investors to domestic pension funds;
iii) the acquisition of land reserved for agriculture or forests, and
acquisition of water areas, unless authorisation is granted;
iv) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
v) investment in a broadcasting company bringing foreign
ownership of the share capital above 33 per cent;
vi) investment in an enterprise operating in the gambling and
betting sector, except through an enterprise incorporated in
Poland in which foreign ownership of the capital is 49 per cent
or less;
vii) investment in a registered vessel, except through an enterprise
incorporated in Poland;
viii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
Operations in real estate:
– In the country concerned by non-residents.
ANNEX B. │ 113
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List B,
III/A1,
B1
Remark: The reservation does not apply to the acquisition of
apartments, or to foreigners having resided in Poland for at least
5 years.
List A,
IV/B1,
C1, D1
Operations in securities on capital markets:
– Issue through placing or public sale of foreign securities on the
domestic capital market.
Remark: The reservation applies only to mortgage debt securities.
– Purchase of securities in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature, which may be affected by
regulations on foreign direct investment.
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued
by non-residents if these assets are to form more than 30 per cent of
the cover of the technical reserves of the assets representative of the
liabilities of a privately managed occupational pension fund.
List B,
V/D1
Operations on money markets:
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued
by non-residents if the assets in question are to form more than
30 per cent of the cover of the technical reserves of the assets
representative of the liabilities of a privately managed occupational
pension fund.
List B,
VI/D1
Other operations in negotiable instruments on non-securitised claims:
– Purchase abroad by residents.
Remark: The reservation applies to operations in instruments and
claims on a foreign market if the assets in question are to form more
than 30 per cent of the cover of the technical reserves of the assets
representative of the liabilities of a privately managed occupational
pension fund.
List A,
VII/D1
Operations in collective investment securities:
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued
by non-residents if the assets in question are to form more than
30 per cent of the cover of the technical reserves of the assets
114 │ ANNEX B.
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representative of the liabilities of a privately managed occupational
pension fund.
List B,
IX/B
Financial credits
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies to credits and loans granted by a
privately managed occupational pension fund.
List B,
XI/B1,
B2
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
Remark: The reservation applies to deposits held with non-resident
financial institutions by a privately managed occupational pension
fund.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits held with non-resident
financial institutions by a privately managed occupational pension
fund.
ANNEX B. │ 115
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PORTUGAL
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) establishment of branches of credit institutions or financial
companies owned or controlled by non-EU investors;
ii) establishment of agencies of non-EU foreign insurers, for which a
special deposit and financial guarantee are required, and whose
parent company must have been authorised to exercise such an
activity for at least five years;
iii) ownership of Portuguese flag vessels other than through an
enterprise incorporated in Portugal or in an EU country;
iv) airlines established in the country that must be majority owned and
effectively controlled by EU states and/or nationals of EU states,
unless otherwise provided for through an international agreement
to which the EU is a signatory;
v) establishment of travel agencies by non-EU investors except through
an enterprise incorporated in Portugal;
vi) establishment of branches of non-EU insurance undertakings, to the
extent that the parent company of the branch has to have been
incorporated for more than five years;
vii) the extent that under EU Directive 85/611/EEC, a depository of an
undertaking for collective investment in transferable securities
(UCITS) must either have its registered office in the same EU
country as that of the undertaking or be established in the EU
country if its registered office is in another EU country.
List A,
IV/ C1,
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other
securities of a participating nature, which may be affected by the laws on
inward direct investment and establishment.
116 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
SLOVAK REPUBLIC
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the operation of lotteries and similar games by branches of non-
resident entities;
ii) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
iii) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation only applies for agricultural land.
List B,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and
other securities of a participating nature which may be affected by
regulations on inward direct investment in air transport and
operations in lotteries and similar games.
ANNEX B. │ 117
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SLOVENIA
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in financial services to the extent that under Directive
85/611/EEC, a depository of an undertaking for collective
investment in transferable securities (UCITS) must either have
its registered office in the same EU country as that of the
undertaking or be established in the EU country if its registered
office is in another EU country;
ii) majority ownership by non-EU residents of a Slovenian flag
maritime vessel, unless the operator is an EU national;
iii) majority ownership of an air company by non-EU residents.
List A,
III/A
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to non-residents who are not
nationals of a member country.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other
securities of a participating nature which may be affected by the laws on
inward direct investment and establishment.”
118 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
SPAIN
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment originating in non-EU member countries in the following
sectors:
a) airlines established in the country that must be majority owned and
effectively controlled by EU states and/or nationals of EU states,
unless otherwise provided for through an international agreement
to which the EU is a signatory;
b) broadcasting (including television);
c) strategic minerals;
d) gaming, lotteries, lotto and casinos;
ii) investment originating in non-EU member countries by governments,
official institutions, and public enterprises;
iii) the extent that under EU Directive 85/611/EEC, a depository of an
undertaking for collective investment in transferable securities (UCITS)
must either have its registered office in the same EU country as that of
the undertaking or be established in the EU country if its registered office
is in another EU country.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other
securities of a participating nature which may be affected by laws on inward
direct investment and establishment.
List A,
VII/D1
Operations in collective investment securities:
– Purchase abroad by residents.
Remark: The reservation only applies to the holdings of collective investment
bodies established outside the EU if the assets in question are to form part of
the cover of the technical reserves of an insurance company.
List B,
XI/B1
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
ANNEX B. │ 119
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SWEDEN
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) acquisition of 50 per cent or more of Swedish flag vessels,
except through an enterprise incorporated in Sweden;
iii) investment, whether directly or indirectly through residents, in
the fields of transport and communications, unless a licence,
concession or similar authorisation is granted;
iv) establishment of, or acquisition of 50 per cent or more of shares
in, firms engaged in commercial fishing activities in Swedish
waters, unless an authorisation is granted;
v) investment in the accountancy sector by non-EU residents
exceeding 25 per cent;
vi) investment in a corporation or partnership carrying out the
activities of an “advokat” by non-EU residents;1
viii) the extent that under EU Directive 85/611/EEC, a depository
of an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List A,
IV/C1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
1 Unless the Swedish Bar Association grants a waiver, the requirement
for EU residency applies for ownership of law firms carrying out business
under the title of “advokat”.
120 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
Remark: The reservation applies only to shares and other securities
of a participating nature which may be affected by laws on inward
direct investment in fishing and civil aviation.
List B,
XI/B1
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
ANNEX B. │ 121
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SWITZERLAND
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the establishment of companies for the distribution and
exhibition of films;
ii) the acquisition of real estate, which is subject to authorisation
by the competent cantonal authority, when the acquirer does
not use the property to operate a permanent establishment;
iii) the registration of a ship in Switzerland serving two points on
the Rhine and of a vessel intended to offer commercial maritime
transport services;
iv) the registration of an aircraft in Switzerland and investment in
an airline under majority Swiss control, unless otherwise
implied by the provisions of international agreements to which
Switzerland is a party;
v) investment in the sectors of hydroelectricity, oil and gas
pipelines and nuclear energy;
vi) investment in a broadcasting company bringing foreign
ownership above 49 per cent of the company’s share capital.
List B,
III/A1,
B1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to the acquisition of real
estate, which is subject to authorisation by the competent cantonal
authority when the acquirer does not use the property to operate a
permanent establishment. In addition, authorisations for holiday
homes are subject to quotas. Real estate investments of a purely
financial nature with some exceptions are not permitted.
– Building or purchase abroad by residents.
Remark: The reservation applies to the acquisition of real estate
localised outside Switzerland, if these assets are:
i) to form more than 5 per cent of the assets representative of the
liabilities of a private pension fund. Additionally, pension funds
122 │ ANNEX B.
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must operate within an overall limit of 30 per cent of total foreign
assets allowed as part of mandatory reserves.
ii) to form the cover of the technical reserves of an insurance
company.
List A,
IV/D1
Operations in securities on capital markets:
– Purchase abroad by residents.
Remark: The reservation applies to:
i) the purchase of debt instruments issued by non-residents if these
assets are to form more than 30 per cent of the assets
representative of the liabilities of a private pension fund;
ii) the purchase of shares or other securities of a participating
nature issued by non-residents if these assets are to form more
than 25 per cent of the cover of the technical reserves of an
insurance company or of the assets representative of the
liabilities of a private pension fund;
iii) the purchase of debt instruments issued by non-residents which
are not securitised in a security, not quoted on a recognised
security market or which are not traded on a regular basis in
an active market, if these assets are to form the cover of the
technical reserves of an insurance company.
Additionally, pension funds must operate within an overall limit of 30 per
cent of total foreign assets allowed as part of mandatory reserves.
List B,
V/D1
Operations on money markets:
– Purchase of money market securities abroad by residents.
Remark: The reservation applies to the purchase of debt instruments
issued by non-residents if these assets are:
i) to form more than 30 per cent of the assets representative of the
liabilities of a private pension fund. Additionally, pension funds
must operate within an overall limit of 30 per cent of total foreign
assets allowed as part of mandatory reserves;
ii) not securitised in a security, not quoted on a recognised security
market or not traded on a regular basis in an active market, if
these assets are to form the cover of the technical reserves of an
insurance company.
ANNEX B. │ 123
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List B,
VI/D1
Other operations in negotiable instruments and non-securitised claims:
– Purchase abroad by residents.
Remark: The reservation applies to:
i) purchase of or swap operations in instruments and claims issued
by or contracted with non-residents if these assets are to form
more than 20 per cent of the assets representative of the liabilities
of a private pension fund;
ii) operations in negotiable instruments and non-securitised claims if
these assets are to form the cover of technical reserves of an
insurance company, except for:
a. Derivatives instruments in connection with these assets
for which general qualitative and quantitative
restrictions apply.
b. Alternative investments for which general qualitative
and quantitative restrictions apply.
List A,
VII/B1,
D1
Operations in collective investment securities:
– Issue through placing or public sale of foreign collective investment
securities on the domestic securities market.
Remark: The issue of foreign collective investment securities is
subject to a stamp duty.
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by
non-residents if these assets are to form more than 30 per cent of the
cover of the technical reserves of an insurance company or of the assets
representative of the liabilities of a private pension fund. Additionally,
pension funds must operate within an overall limit of 30 per cent of total
foreign assets allowed as part of mandatory reserves.
List B,
IX/B
Financial credits and loans:
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies to credits and loans granted to non-
residents, if these assets are:
i) to form more than 20 per cent of the assets representative of the
liabilities of a private pension fund. Additionally, pension funds must
operate within an overall limit of 30 per cent of total foreign assets
allowed as part of mandatory reserves.
124 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
ii) not securitised in a security, not quoted on a recognised security
market or not traded on a regular basis in an active market, if these are
to form the cover of the technical reserves of an insurance company.
List B,
XI/B1,
B2
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits of funds with non-
resident financial institutions, if these assets are:
i) to form more than 30 per cent of the assets representative of the
liabilities of a private pension fund. Additionally, pension funds
must operate within an overall limit of 30 per cent of total foreign
assets allowed as part of mandatory reserves
ii) to cover technical reserves of an insurance company and if the
priority privilege of these assets, as stated in Swiss Regulation,
cannot be granted.
ANNEX B. │ 125
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TURKEY
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in the mining sector, except through a company to
be established in Turkey;
ii) investment in exploration and exploitation of petroleum by
enterprises controlled or owned by foreign states, unless an
authorisation is granted;
iii) investment in the accountancy sector;
iv) foreign ownership above 25 per cent in radio and television
broadcasting.
List B,
III/A1,
B1
Operations in real estate:
– In the country concerned by non-residents.
– Building or purchase abroad by residents.
Remark: The reservation applies to the acquisition of real estate
localised outside Turkey, if these assets are to form part of the cover
of the technical reserves of an insurance company.
List A,
IV/B1,
B2, D1
Operations in securities on capital markets:
– Issue through placing or public sale of foreign securities on the
domestic securities market.
Remark: The reservation does not apply to:
i) issues through private placement;
ii) shares sold in the form of depository receipts which are issued
by non-resident enterprises:
a) in operation since at least 2 years and with declared profits
in the last year’s financial statements prepared and audited
according to international accounting standards; and
b) whose previously issued shares have been quoted for at least
one year and traded for at least 100 days before application
for public offering in Turkey;
iii) debt securities which have at least a medium investment grade
rating.
126 │ ANNEX B.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
– Introduction of foreign securities on a recognised domestic securities
market.
Remark: The reservation does not apply to:
i) shares sold in the form of depository receipts which are issued
by non-resident enterprises:
a) in operation since at least 2 years and with declared profits
in the last year’s financial statements prepared and audited
according to international accounting standards; and
b) whose previously issued shares have been quoted for at least
one year and traded for at least 100 days before application
for public offering in Turkey;
ii) debt securities which have at least a medium investment grade
rating.
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued
by non-residents if these assets are to form part of the cover of the
technical reserves of an insurance company.
List B,
V/B1,
B2, D1,
D3
Operations on money markets:
– Issue through placing or public sale of foreign securities and other
instruments on the domestic money market.
Remark: The reservation does not apply to money market securities
which are not regulated under the current legislation on capital
markets, such as certificates of deposit and bankers' acceptances.
– Introduction of foreign securities and other instruments on a
recognised domestic money market.
Remark: The reservation does not apply to money market securities
which are not regulated under the current legislation on capital
markets, such as certificates of deposit and bankers' acceptances.
– Purchase of money market securities abroad by residents.
Remark: The reservation applies:
i) to the purchase of securities issued by non-residents if these assets
are to form part of the cover of the technical reserves of an insurance
company;
ANNEX B. │ 127
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ii) to the extent that Turkish banks’ lira-denominated transactions
with non-resident banks, including inter-bank deposit facilities and
repo transactions, are limited to a maximum percentage of a bank’s
equity.
List B,
VI/D1,
D3
Other operations in negotiable instruments and non-securitised claims:
– Purchase abroad by residents.
Remark: The reservation applies to purchase of or swap operations in
instruments and claims issued by or contracted with non-residents if
these assets are to form part of the cover of the technical reserves of
an insurance company.
– Exchange for other assets
Remark: The reservation applies to the extent that:
i) bank swap transactions of foreign currency for lira with non-residents
are limited to a maximum percentage of the bank’s equity;
ii) bank lira sell-side foreign exchange swaps with non-residents are
limited to maximum percentages of the bank's equity depending on their
maturity, unless the non-resident bank invest the lira funds in the country
by buying lira-denominated securities or deposit the funds in a resident
bank.
List A,
VII/B1,
B2, D1
Operations in collective investment securities:
– Issue through placing or public sale of foreign collective investment
securities on the domestic securities market.
Remark: The reservation does not apply to:
i) issues through private placement;
ii) securities issued by foreign unit trusts being at least three years
old .
– Introduction of foreign collective investment securities on a
recognised domestic securities market.
Remark: The reservation does not apply to securities issued by
foreign unit trusts being at least three years old.
– Purchase abroad by residents.
128 │ ANNEX B.
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Remark: The reservation applies to the purchase of securities issued
by non-residents if these assets are to form part of the cover of the
technical reserves of an insurance company.
List A,
VIII(i)/A,
B
Credits directly linked with international commercial transactions or
with the rendering of international services in cases where a resident
participates in the underlying commercial or service transaction:
– Credits granted by non-residents to residents.
Remark: The reservation applies only to pre-financing credits with a
maturity of more than one year.
– Credits granted by residents to non-residents.
Remark: The reservation applies only to commodity credits of more
than two years for the export of nondurable goods and of more than
five years for the export of other goods.
List B,
IX/B
Financial credits and loans:
– Credits and loans granted by residents to non-residents.
Remark: The reservation applies:
i) to credits and loans granted to non-residents, if these assets are to
form part of the cover of the technical reserves of an insurance
company;
ii) to the extent that Turkish banks’ lira-denominated loans to non-
resident banks are limited to a maximum percentage of a bank’s
equity.
List B,
XI/B1,
B2
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits of funds with non-resident
financial institutions, if these assets are to form part of the cover of the
technical reserves of an insurance company.
List B,
XII/B
Operations in Foreign Exchange
– Abroad by residents
Remark: The reservation applies to the extent that:
i) bank forward and other derivative transactions of foreign currency for
lira with non-residents are limited to a maximum percentage of the
bank’s equity;
ANNEX B. │ 129
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ii) bank lira sell-side foreign exchange forwards and other derivatives
with non-residents are limited to maximum percentages of the bank's
equity depending on their maturity, unless the non-resident bank invest
the lira funds in the country by buying lira-denominated securities or
deposit the funds in a resident bank;
iii) export proceeds in foreign currency have to be repatriated to Turkey
within 180 days from the date of export.
130 │ ANNEX B.
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UNITED KINGDOM
*List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned
and effectively controlled by EU states and/or nationals of EU
states, unless otherwise provided for through an international
agreement to which the EU is a signatory;
ii) investment in certain broadcasting licences (including, in
particular, commercial television, teletext and radio licence)
other than by nationals of, or enterprises originating in, EU
member countries;
iii) acquisition of United Kingdom flag vessels, except through an
enterprise incorporated in the United Kingdom;
iv) the extent that under EU Directive 85/611/EEC, a depository of
an undertaking for collective investment in transferable
securities (UCITS) must either have its registered office in the
same EU country as that of the undertaking or be established
in the EU country if its registered office is in another EU
country.
List B,
III/A1
– In the country concerned by non-residents.
Remark: The reservation applies only to a 2% Stamp Duty Land Tax
surcharge to non-UK resident persons, companies and trustees of a
trust (excluding bare trusts, life interest and interest in possession
trusts), as well as UK resident close companies with more than 50%
of the right or entitlements in hands of non-resident participators,
for the purchases of both freehold and leasehold residential
property and on rents on the grant of a new residential lease.
Reservations concerning operations between residents of Bermuda and non-
residents:
List A,
I/A, B
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
ANNEX B. │ 131
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i) investments in enterprises, except hotels, carrying out business
inside Bermuda, when the total foreign ownership exceeds 40
per cent of the share capital;
ii) establishment of "exempted companies” (enterprises allowed to
carry out business only outside Bermuda) to engage in banking,
deposit taking activities, and general management services;
iii) acquisition of real estate, including land, other than hotels;
iv) establishment of branches, agencies, etc. of foreign companies.
– Abroad by residents.
Remark: The reservation applies only to resident investment in
"exempted companies”.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
List A,
IV/C1,
D1
Operations in securities on capital markets:
– Purchase in the country concerned by non-residents.
Remark: The reservation applies to shares or other securities of a
participating nature, which may be affected by laws on inward direct
investment and establishment.
– Purchase abroad by residents.
Remark: The reservation applies only to the purchase by non-bank
residents of securities in excess of the equivalent of BD$ 25 000 per
person per annum.
List B,
V/D1
Operations on money markets:
– Purchase of money market securities abroad by residents.
Remark: The reservation applies only to the purchase by non-bank
residents of securities in excess of the equivalent of BD$ 25 000 per
person per annum.
List B,
VI/D1
Other operations in negotiable instruments and non-securitised claims:
– Purchase abroad by residents.
Remark: The reservation applies only to the purchase by non-bank
residents of instruments in excess of the equivalent of BD$ 25 000 per
person per annum.
132 │ ANNEX B.
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List A,
VII/D1
Operations in collective investment securities:
– Purchase abroad by residents.
Remark: The reservation applies only to the purchase by non-bank
residents of securities in excess of the equivalent of BD$ 25 000 per
person per annum.
List B,
XI/B1,
B2
Operation of deposit accounts:
– By residents in domestic currency with non-resident institutions.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies only to deposits by non-bank
residents in excess of the equivalent of BD$ 25 000 per person per
annum.
Reservations concerning operations between residents of the Channel Islands and
non-residents:
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the acquisition in Alderney of real property by non-EU
nationals and enterprises originating from non-EU countries,
unless an authorisation is granted or the investor is forming or
investing in a land-owning company;
ii) the purchase in Jersey of real estate, unless economic and
social needs tests are satisfied or real estate is acquired
through the purchase of shares in a property holding company.
List B,
III/A1
Operations in real estate:
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the acquisition in Alderney of real property by non-EU
nationals and enterprises originating from non-EU countries,
unless an authorisation is granted or the investor is forming or
investing in a land-owning company;
ii) the purchase in Jersey of real estate, unless economic and
social needs tests are satisfied or real estate is acquired
through the purchase of shares in a property holding company.
ANNEX B. │ 133
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UNITED STATES
List A,
I/A
Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to investment in:
i) atomic energy;
ii) broadcasting (radio and television), common carrier,
aeronautical en route, or aeronautical fixed radio station
licenses as provided for in 47 United States Code § 310 , unless
an authorisation is granted under 47 United States Code §
310(b)(4).;
iii) air transport;
iv) coastal and domestic shipping (including dredging and
salvaging in coastal waters and transporting offshore supplies
from a point within the United States to an offshore drilling rig
or platform on the continental shelf);
v) ocean thermal energy, hydroelectric power, geothermal steam
or related resources on federal lands, mining on federal lands
or on the outer continental shelf or on the deep seabed, fishing
in the "Exclusive Economic Zone", and deepwater ports, except
through an enterprise incorporated in the United States;
vi) branches of foreign insurance companies, to the extent that they
are not permitted to provide surety bonds for US government
contracts.
List A,
IV/B1,
B2
Operations in securities on capital markets:
– Issue through placing or public sale of foreign securities on the
domestic capital market.
Remark: The reservation applies only to the use of small business
registration forms and a small issues exemption by non-resident
issuers.
– Introduction of foreign securities on a recognised domestic capital
market.
Remark: The reservation applies only to the use of small business
registration forms and a small issues exemption by non-resident
issuers.
134 │ ANNEX C.
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Annex C
Decision of the Council Regarding the Application of the
Provisions of the Code of Liberalisation of Capital Movements
to Action Taken by the States of the United States
THE COUNCIL,
Having regard to Articles 2(d) and 5(a) of the Convention on the Organisation
for Economic Cooperation and Development of 14th December 1960;
Having regard to the Code of Liberalisation of Capital Movements (hereinafter
called the “Code”);
Having regard to the Report of the Investment Committee on the Codes of
Liberalisation of Current Invisible Operations and of Capital Movements of
28th October 1961, in particular, paragraphs 18 to 21 thereof, and the Comments by
the Executive Committee on that Report of 8th December 1961 [OECD/C(61)37,
OECD/C(61)73];
Recognising that in the United States individual States have jurisdiction to act
with respect to certain matters which fall within the purview of the Code;
Believing, however, that there is only a limited area of capital movements in
which a Member might consider that the benefits it could reasonably expect to derive
from the Code are being denied to it by such action and believing, moreover, that
cases of any such action are unlikely to have a significant practical effect on the
operation of the Code;
Convinced that where instances of this nature arise they will be settled in the
tradition of cooperation which has evolved among the Members of the Organisation;
DECIDES:
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1. The provisions of the Code shall not apply to action by a State of the
United States, which comes within the jurisdiction of that State.
ACKNOWLEDGES THAT:
2. a) If a Member considers that its interests under the Code are
being prejudiced by such action and notifies the Organisation of the
circumstances, the United States Government undertakes in conformity
with the constitutional procedures of the United States to bring the
provisions of the Code and the circumstances notified, with an
appropriate recommendation, to the attention of the competent
authorities of any State concerned;
b) The United States Government undertakes to inform the
Organisation of the action it has taken pursuant to paragraph 2(a) of
this Decision and of the results thereof.
DECIDES:
3. This Decision shall form an integral part of the Code and shall be attached
thereto as Annex C.
136 │ ANNEX D.
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Annex D
General List of International Capital Movements and Certain
Related Operations 1
Introduction
The General List is an attempt to establish a comprehensive catalogue of
non-governmental operations involving the transfer of capital from one
country to another. It also contains certain sections – concerning, for
example, non-resident-owned blocked funds – under which no such transfers
take place but which are nevertheless closely related to the subject-matter of
international capital movements for private account.
The general list serves as the basis for the Liberalisation Lists of Capital
Movements set out in Annex A to the Code of Liberalisation of Capital
Movements, but it does not deal with liberalisation as such. Member
countries assume liberalisation obligations only with regard to the operations
listed in Annex A to the Code.
The General List enumerates operations, which comprise transactions
between residents of different countries as well as any capital transfers
resulting directly therefrom and envisaged thereunder by the parties
concerned. For example, the sections dealing with the granting of credits or
loans cover not only the initial transfer of the capital amounts in question but
also their subsequent retransfer; they do not, however, cover transfers, such
as interest, which are considered to be current payments and therefore are
dealt with in the Code of Liberalisation of Current Invisible Operations. The
purchase or sale of foreign exchange in order to complete an operation
included in the General List is covered by the section dealing with that
operation. Foreign exchange transactions that are necessary to complete an
operation included in the Code of Liberalisation of Current Invisible
Operations are covered by the provisions of that Code.
ANNEX D. │ 137
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All international capital movements have two distinct aspects: the capital
export from one country and the corresponding capital import into another.
Moreover, an operation between residents and non-residents may take place
in the country of the resident, in the country of the non-resident, or in a third
country. The attitude to any particular operation of the authorities of the
countries concerned may thus differ, and the sections in the General List have
been designed to take this into account.
Certain international capital operations might be for the account of one and
the same person in which case they need not entail transactions between
residents and non-residents, e.g. transfers of emigrants' assets, physical
movements of capital assets, transfers of blocked funds.
The operations enumerated in the General List may be denominated or
settled in any currency, including a composite currency such as the ECU or
the SDR.
I. Direct investment
Investment for the purpose of establishing lasting economic relations with an
undertaking such as, in particular, investments which give the possibility of
exercising an effective influence on the management thereof:
A. In the country concerned by non-residents by means of:
1. Creation or extension of a wholly-owned- enterprise, subsidiary or
branch, acquisition of full ownership of an existing enterprise;
2. Participation in a new or existing enterprise;
3. A loan of five years or longer.
B. Abroad by residents by means of:
1. Creation or extension of a wholly-owned- enterprise, subsidiary or branch,
acquisition of full ownership of an existing enterprise;
2. Participation in a new or existing enterprise;
3. A loan of five years or longer.
138 │ ANNEX D.
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II. Liquidation of direct investment
A. Abroad by residents.
B. In the country concerned by non-residents.
III. Operations in real estate2
A. Operations in the country concerned by non-residents:
1. Building or purchase.
2. Sale.
B. Operations abroad by residents:
1. Building or purchase.
2. Sale.
IV. Operations in securities on capital markets3
A. Admission of domestic securities on a foreign capital
market:
1. Issue through placing
or public sale of
2. Introduction on a
recognised domestic
security market of
}
a) shares or other securities of a
participating nature;
b) bonds and other debt
securities (original maturity
of one year or more).
B. Admission of foreign securities on the domestic capital
market:
1. Issue through placing
or public sale of
2. Introduction on a
recognised domestic
security market of
}
a) shares or other securities of a
participating nature;
b) bonds and other debt
securities (original maturity
of one year or more).
ANNEX D. │ 139
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C. Operations in the country concerned by non-residents:
1. Purchase
2. Sale }
a) shares or other securities of a
participating nature;
b) bonds and other debt securities (original
maturity of one year or more).
D. Operations abroad by residents:
1. Purchase
2. Sale }
a) shares or other securities of a
participating nature;
b) bonds and other debt securities (original
maturity of one year or more).
V. Operations on money markets4
A. Admission of domestic securities and other instruments
on a foreign money market:
1. Issue through placing or public sale.
2. Introduction on a recognised foreign money market.
B. Admission of foreign securities and other instruments
on the domestic money market:
1. Issue through placing or public sale.
2. Introduction on a recognised domestic money market.
C. Operations in the country concerned by non-residents:
1. Purchase of money market securities.
2. Sale of money market securities.
3. Lending through other money market instruments.
4. Borrowing through other money market instruments.
D. Operations abroad by residents:
1. Purchase of money market securities.
2. Sale of money market securities.
140 │ ANNEX D.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
3. Lending through other money market instruments.
4. Borrowing through other money market instruments.
VI. Other operations in negotiable instruments and non-
securitised claims5
A. Admission of domestic instruments and claims on a
foreign financial market:
1. Issue through placing or public sale.
2. Introduction on a recognised foreign financial market.
B. Admission of foreign instruments and claims on a
domestic financial market:
1. Issue through placing or public sale.
2. Introduction on a recognised domestic financial market.
C. Operations in the country concerned by non-residents.
1. Purchase.
2. Sale.
3. Exchange for other assets.
D. Operations abroad by residents:
1. Purchase.
2. Sale.
3. Exchange for other assets.
VII. Operations in collective investment securities
A. Admission of domestic collective investment securities
on a foreign securities market:
1. Issue through placing or public sale.
2. Introduction on a recognised foreign securities market.
B. Admission of foreign collective investment securities on
the domestic securities market:
1. Issue through placing or public sale.
ANNEX D. │ 141
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2. Introduction on a recognised domestic securities market.
C. Operations in the country concerned by non-residents:
1. Purchase.
2. Sale.
D. Operations abroad by residents:
1. Purchase.
2. Sale.
VIII. Credits directly linked with international commercial
transactions or with the rendering of international services
i) In cases where a resident participates in the underlying commercial or
service transaction;
ii) In cases where no resident participates in the underlying commercial or
service transaction.
A. Credits granted by non-residents to residents.
B. Credits granted by residents to non-residents.
IX. Financial credits and loans6
A. Credits and loans granted by non-residents to residents.
B. Credits and loans granted by residents to non-residents.
X. Sureties, guarantees and financial backup facilities
i) In cases directly related to international trade or international current
invisible operations, or in cases related to international capital movement
operations in which a resident participates;
ii) In cases not directly related to international trade, international current
invisible operations or international capital movement operations, or
where no resident participates in the underlying international operation
concerned.
142 │ ANNEX D.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
A. Sureties and guarantees:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents.
B. Financial back-up facilities:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents.
XI. Operation of deposit accounts7
A. Operation by non-residents of accounts with resident
institutions:
1. In domestic currency.
2. In foreign currency.
B. Operation by residents of accounts with non-resident
institutions:
1. In domestic currency.
2. In foreign currency.
XII. Operations in foreign exchange8
A. In the country concerned by non-residents:
1. Purchase of domestic currency with foreign currency.
2. Sale of domestic currency for foreign currency.
3. Exchange of foreign currencies.
B. Abroad by residents:
1. Purchase of foreign currency with domestic currency.
2. Sale of foreign currency for domestic currency.
3. Exchange of foreign currencies.
ANNEX D. │ 143
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XIII. Life assurance
Capital transfers arising under life assurance contracts:9
A. Transfers of capital and annuities certain due to resident
beneficiaries from non-resident insurers.
B. Transfers of capital and annuities certain due to non-resident
beneficiaries from resident insurers.
XIV. Personal capital movements
A. Loans.
B. Gifts and endowments.
C. Dowries.
D. Inheritances and legacies.
E. Settlement of debts in their country of origin by immigrants.
F. Emigrants' assets.
G. Gaming.
H. Savings of non-resident workers.
XV. Physical movement of capital assets
A. Securities and other documents of title to capital assets:
1. Import.
2. Export.
B. Means of payment:
1. Import.
2. Export.
144 │ ANNEX D.
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XVI. Disposal of non-resident-owned blocked funds
A. Transfer of blocked funds.
B. Use of blocked funds in the country concerned:
1. For operations of a capital nature.
2. For current operations.
C. Cession of blocked funds between non-residents.
Notes to Annex D
1.All items on this General List of International Capital Movements and Certain
Related Operations appear also on Liberalisation List A or B in Annex A to the
Code.
2.Other than operations falling under Sections I or II of the General List.
3.Other than operations falling under Sections I or II of the General List.
4.Other than operations falling under Section IV of the General List.
5.Other than operations falling under Sections IV, V or VII of the General List.
6.Other than credits and loans falling under Sections I, II, VIII or XIV of the General
List.
7.Other than operations falling under Section V of the General List.
8.Other than operations falling under any other Section of the General List.
9.Transfers of premiums and pensions and annuities, other than annuities certain, in
connection with life assurance contracts are governed by the Code of Liberalisation
of Current Invisible Operations (Item D/3). Transfers of whatever kind or size under
other than life assurance contracts are always considered to be of a current nature
and are consequently governed by the Current Invisibles Code.
ANNEX E. │ 145
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Annex E
Decision of the Council Regarding Measures and Practices
Concerning Reciprocity and/or involving Discrimination
among Investors Originating in Various Member Countries in
the Area of Inward Direct Investment and Establishment
THE COUNCIL,
Having regard to Article 5 (a) of the Convention on the Organisation for
Economic Co-operation and Development of 14th December 1960;
Having regard to the Code of Liberalisation of Capital Movements (hereinafter
called the “Code”);
Having regard to the Decision of the Council, of 4th April 1984, amending
Annex A to the Code [C(83)106/FINAL];
Having regard to the report by the Investment Committee of 12th June 1986 on
Member countries' positions under the amended obligations concerning the inward
direct investment item of the Code [C(86)89 and Corrigenda 1 and 2] and, in
particular, paragraphs 1014 thereof;
On the proposal of the Investment Committee;
I. NOTES that some Member countries allow inward direct investment or
establishment under conditions of reciprocity (i.e. allowing residents of another
Member country to invest or establish in the Member country concerned under terms
similar to those applied by the other Member country to investors resident in the
Member country concerned) and/or involving discrimination among investors
originating in various Member countries, other than the exceptions to the principle of
non-discrimination- referred to in Article 10 of the Code;
II. RECOGNISES that reciprocity has operated with other factors, in certain
cases at least until now, to broaden the effective sphere of liberalisation.
146 │ ANNEX E.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
III. REAFFIRMS, nevertheless, that a more extensive use of reciprocal and/or
discriminatory approaches in matters pertaining to inward direct investment or the
right of establishment (other than those relating to the exceptions to the principle of
non-discrimination referred to in Article 10 of the Code) could reduce the effective
sphere of liberalisation among Member countries.
IV. REAFFIRMS also the importance of the principles underlying Article 8 of the
Code concerning the right of each Member country to benefit from measures of
liberalisation taken by other Member countries, and of the principles underlying
Article 9 of the Code concerning the obligation of each Member country to avoid
discrimination between other Members in matters relating to the Code.
V. RECOGNISES, nevertheless, the right of each Member country under
Article 2 of the Code to refrain from immediately bringing their measures and
practices into line with the new obligations concerning the right of establishment
introduced by the Council Decision of 4th April 1984, referred to above.
VI. CONSIDERS that, while the status of measures and practices concerning
reciprocity and/or involving discrimination among investors originating in various
Member countries (other than the exceptions to the principle of non-discrimination
referred to in Article 10 of the Code) should be regarded as different from that of
restrictions that can be the subject of reservations in accordance with Article 2 of the
Code, the procedures applying to such measures and practices should be those
applying to measures that can be the subject of reservations.
VII. DETERMINES that the adoption of this Decision concerning the application
of item I/A of the Code on inward direct investment and establishment shall not in
any way create a precedent for the application of other items of the Code.
VIII. DECIDES:
1. All measures and practices concerning reciprocity and/or involving an
element of discrimination concerning inward direct investment or establishment
(other than the exceptions to the principle of non-discrimination referred to in
Article 10 of the Code) and existing as of the date this Decision is adopted shall have
been notified to the Organisation. They are recorded in paragraph 5 of this Decision.
2. Measures and practices recorded in this Decision shall be progressively
abolished without, in so doing, extending the scope of restrictions to inward direct
investment or establishment. To this end, these measures and practices shall be subject
to periodic examination by the Investment Committee along with the reservations, if
any, maintained by the Member countries concerned.
3. The specific aspects of these measures and practices, including those referred
to in paragraphs II and III above, shall be taken into account, particularly when these
measures and practices are being examined by the Investment Committee.
ANNEX E. │ 147
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4. All the other understandings relating to the Code concerning inward direct
investment or establishment shall be considered as applying to these measures and
practices.
5. The scope of these measures and practices as notified to the Organisation as
of the date of this Decision, is as follows:
AUSTRIA
i) The extraction, the preparation and the storing of mass minerals, the running of
oil refineries, gasworks, filling stations, district heating, the trading of fuels and
pipelines are subject to a reciprocity requirement;
ii) Investment in the transport sector (air transport services, road freight, taxis,
buses) is subject to a reciprocity requirement;
iii) The establishment of tour operators and travel agencies by non-resident entities
is subject to a reciprocity requirement.
BELGIUM
Establishment of travel agencies by enterprises originating in non-EU member
countries is subject to a reciprocity requirement.
CANADA
Establishment of subsidiaries of foreign banks is generally subject to a reciprocity
requirement.
General remark: The Canadian authorities undertake to carry out the
provisions of this Decision to the fullest extent compatible with the
constitutional system of Canada in that the latter provides that individual
provinces may have jurisdiction to act with respect to certain matters under
the purview of the present Decision. In particular, the authorities undertake
to make every effort to ensure that measures for the liberalisation of capital
movements pursuant to the present Decision are applied in their provinces;
they will notify the Organisation of any relevant measure taken by a
province and, if necessary, they will bring to the attention of the provincial
authorities any concerns expressed in this respect by a country subscribing
to the present Decision.
148 │ ANNEX E.
OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021
FRANCE
i) Establishment of non-resident investors originating in countries that are not
members of the EU in the banking and financial services sector may be subject
to reciprocity considerations;
ii) Establishment of insurance companies originating in countries that are not
members of the EU may be subject to reciprocity considerations;
iii) Investment by non-EU residents in political and general information publications
appearing at least once per month (other than those intended for foreign
communities in France), audio-visual communication services, insurance
brokerage; exploration, extracting and exploitation of hydrocarbons, waterfalls
and the purchase of agricultural land adjacent to the Swiss border (under the
terms of a bilateral agreement dated 31 August 1946), which is generally allowed
only for enterprises originating in a country with which France has undertaken
international commitments containing a clause of national assimilation or
reciprocity.
GERMANY
Establishment of airline enterprises that have their headquarters abroad may be subject
to a reciprocity requirement.
GREECE
Establishment of travel agencies by enterprises originating in non-EU member
countries may be subject to a reciprocity requirement.
ICELAND
Establishment of foreign joint stock companies is subject to a reciprocity requirement.
IRELAND
Foreign acquisition of shipping vessels registered in Ireland is subject to a reciprocity
requirement.
ITALY
i) Foreign investment in the exploration and exploitation of liquid and gaseous
hydrocarbons is subject to a reciprocity requirement;
ANNEX E. │ 149
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ii) The granting of licences to tour operators or travel agents, who are nationals of
non-EU member countries, or to enterprises in such countries, is subject to a
reciprocity requirement.
SWITZERLAND
i) Foreign investment in the banking and financial services sector is subject to a
reciprocity requirement;
ii) Foreign investment in broadcasting is subject to a reciprocity requirement.
UNITED STATES
i) The acquisition by non-residents of a right-of-way for oil or gas pipelines across
onshore federal lands, or a lease to develop mineral resources on on-shore federal
lands is subject to a reciprocity requirement;
ii) Foreign investment in air freight forwarding and air charter activities is subject
to a reciprocity requirement for US-originating traffic;
iii) The granting of cable landing rights to non-resident firms is subject to a
reciprocity requirement.
150 │ APPENDIX 2.
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APPENDIX 1.
List of Council Acts Included in the Present Edition of the
Code
1. Code of Liberalisation of Capital Movements [OECD/C(61)96], adopted by the
Council on 12th December, 1961.
2. C(62)96/FINAL amending Annexes A and B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 3rd July, 1962.
3. C(62)97/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 3rd July, 1962.
4. C(63)15/FINAL amending Annex B to the Code of Liberalisation of Current Invisible
Operations and Annexes A and B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 26th March, 1963.
5. The Memorandum of Understanding between the Organisation for Economic
Co-operation and Development and the Government of Japan, of 26th July, 1963
[C(63)112].
6. C(64)85/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 28th July, 1964.
7. C(65)26/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 13th April, 1965.
8. C(65)54/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th July, 1965.
9. C(65)96/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 9th November, 1965.
10. C(66)10/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th February 1966.
11. C(67)49/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th July, 1967.
12. C(67)69/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th July, 1967.
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13. C(67)71/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th December, 1967.
14. C(67)136 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 15th December, 1967.
15. C(68)113/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26th November, 1968.
16. C(68)178/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th January, 1969.
17. C(68)111/FINAL amending Annex B to the Code of Liberalisation of Current Invisible
Operations and Annex B to the Code of Liberalisation of Capital Movements adopted
by the Council on 4th February, 1969.
18. C(69)41/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th March, 1969.
19. C(69)90/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 8th July, 1969.
20. C(69)134/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th November, 1969.
21. C(69)157/FINAL amending Annex B to the Code of Liberalisation of Current Invisible
Operations and Annex B to the Code of Liberalisation of Capital Movements adopted
by the Council on 3rd February, 1970.
22. C(69)176/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 24th February, 1970.
23. C(70)2/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 10th March, 1970.
24. C(70)21/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th March, 1970.
25. C(70)100/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd June, 1970.
26. C(70)126/FINAL amending Annexes A and B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th September, 1970.
27. C(70)161/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 3rd November, 1970.
28. C(70)212/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd February, 1971.
29. C(71)3/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd February, 1971.
152 │ APPENDIX 2.
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30. C(71)11/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd February, 1971.
31. C(71)24/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th March, 1971.
32. C(71)72/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 2nd June, 1971.
33. C(71)90/FINAL amending Annexes B to the Code of Liberalisation of Current
Invisible Operations and to the Code of Liberalisation of Capital Movements, adopted
by the Council on 24th May, 1971.
34. C(71)127/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 7th October, 1971.
35. C(71)128/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 7th October, 1971.
36. C(71)177/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 3rd December, 1971.
37. C(71)178/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 3rd December, 1971.
38. C(71)203/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26th January, 1972.
39. C(71)241/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 22nd February, 1972.
40. C(72)111/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 9th June, 1972.
41. C(72)173/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 31st October, 1972.
42. C(72)208/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th February, 1973.
43. C(73)11/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th February, 1973.
44. C(72)103/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 27th February, 1973.
45. C(72)118/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 27th February, 1973.
46. C(73)12/FINAL amending the Code of Liberalisation of Current Invisible Operations
and the Code of Liberalisation of Capital Movements, adopted by the Council on 27th
February, 1973.
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47. C(73)13/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 21st February, 1973.
48. C(73)49/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th May, 1973.
49. C(73)60/FINAL amending Annex B to the Code of Liberalisation of Current Invisible
Operations and Annex B to the Code of Liberalisation of Capital Movements, adopted
by the Council on 15th May, 1973.
50. C(73)91/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 3rd July, 1973.
51. C(73)119/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th September, 1973.
52. C(73)164/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th October, 1973.
53. C(74)20/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th March, 1974.
54. C(74)10/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th April, 1974.
55. C(74)56/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th April, 1974.
56. C(74)57/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 21st May, 1974.
57. C(74)39/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th June, 1974.
58. C(74)97/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th June, 1974.
59. C(74)94/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th June, 1974.
60. C(74)95/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th June, 1974.
61. C(74)149/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 22nd November, 1974.
62. C(74)225/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 9th January, 1975.
63. C(75)10/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 29th April, 1975.
64. C(75)13/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 29th April, 1975.
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65. C(75)89 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 12th May, 1975.
66. C(75)112/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 19th August, 1975.
67. C(75)172/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 20th November, 1975.
68. C(75)143/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th November, 1975.
69. C(76)199/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th December, 1976.
70. C(76)160/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th February, 1977.
71. C(77)2/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 10th March, 1977.
72. C(77)3/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 11th May, 1977.
73. C(77)15/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 11th May, 1977.
74. C(77)106/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd December, 1977.
75. C(77)172/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th February, 1978.
76. C(77)187/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th February, 1978.
77. C(77)219/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th February, 1978.
78. C(77)220/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th February, 1978.
79. C(78)104/FINAL amending the Code of Liberalisation of Current Invisible Operations
and the Code of Liberalisation of Capital Movements, adopted by the Council on
7th August, 1978.
80. C(78)132/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 7th August, 1978.
81. C(78)163/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th December, 1978.
82. C(78)164/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th December, 1978.
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83. C(79)14/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 2nd June, 1979.
84. C(79)15/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 2nd June, 1979.
85. C(79)142/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th August, 1979.
86. C(79)133/FINAL amending the Code of Liberalisation of Current Invisible Operations
and the Code of Liberalisation of Capital Movements, adopted by the Council on 25th
September, 1979.
87. C(79)227/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th January, 1980.
88. C(79)208/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th February, 1980.
89. C(80)21/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th April, 1980.
90. C(80)22/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th April, 1980.
91. C(80)90/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th July, 1980.
92. C(80)91/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th July, 1980.
93. C(80)28/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th August, 1980.
94. C(80)89/FINAL concerning the Liberalisation of Capital Movements by Greece,
adopted by the Council on 28th October, 1980.
95. C(80)168/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd March, 1981.
96. C(80)173/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd March, 1981.
97. C(81)120/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th December, 1981.
98. C(81)146/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th December, 1981.
99. C(81)148/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 15th December, 1981.
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100. C/M(81)21, item 222 (e) amending Annex B to the Code of Liberalisation of Capital
Movements and Annex B to the Code of Liberalisation of Current Invisible Operations,
adopted by the Council on 15th December, 1981.
101. C(81)139/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th December, 1981.
102. C(81)140/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th December, 1981.
103. C(81)141/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th December, 1981.
104. C(81)168/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th December, 1981.
105. C(81)100/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th April, 1982.
106. C(82)3/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26th July, 1982.
107. C(82)73/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd August, 1982.
108. C(82)103/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd August, 1982.
109. C(82)119/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th January, 1983.
110. C(82)125/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th January, 1983.
111. C(82)192/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th April, 1983.
112. C(83)5/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 7th July, 1983.
113. C(83)110/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th December, 1983.
114. C(83)106/FINAL amending Annex A to the Code of Liberalisation of Capital
Movements, adopted by the Council on 4th April, 1984.
115. C(83)174/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 29th February, 1984.
116. C(83)156/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26th March, 1984.
117. C(84)3/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 24th April, 1984.
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118. C(84)7/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 24th April, 1984.
119. C(84)12/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 24th April, 1984.
120. C(84)69/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 31st July, 1984.
121. C(84)109/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th October, 1984.
122. C(84)80/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th October, 1984.
123. C(84)82/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th October, 1984.
124. C(84)106/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th October, 1984.
125. C(84)108/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18th October, 1984.
126. C(84)154/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28th December, 1984.
127. C(84)165/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 1st July, 1985.
128. C(84)169/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 1st July, 1985.
129. C(85)54/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 1st July, 1985.
130. C(85)57/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th-18th July, 1985.
131. C(85)30/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 25th September, 1985.
132. C(85)180/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 24th March, 1986.
133. C(86)12/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 24th March, 1986.
134. C(86)11/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26th March, 1986.
135. C(86)29/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 7th April, 1986.
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136. C(86)86/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th July, 1986.
137. C(86)89/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16th July, 1986.
138. C(86)119 regarding measures and practices concerning reciprocity and/or involving
discrimination among investors originating in various OECD Member countries in the
area of inward direct investment and establishment, adopted by the Council on
16th July, 1986.
139. C(86)83/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 29th July, 1986.
140. C(86)171/FINAL amending the Code of Liberalisation of Current Invisible Operations
and the Code of Liberalisation of Capital Movements, adopted by the Council on
26th November 1986.
141. C(87)25/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 6th March 1987.
142. C(87)6/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th March 1987.
143. C(87)33/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 19th June 1987.
144. C(87)71/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements and the Decision reproduced in Annex E to the Code, adopted by the
Council on 10th July 1987.
145. C(87)158/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th December 1987.
146. C(87)159/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th December 1987.
147. C(87)160/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th December 1987.
148. C(87)161/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th December 1987.
149. C(87)140/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 22nd January 1988.
150. C(87)170/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 22nd January 1988.
151. C(87)180/FINAL amending Annex B and the Decision reproduced in Annex E to the
Code of Liberalisation of Capital Movements, adopted by the Council on
22nd January 1988.
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152. C(88)19/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th June 1988.
153. C(88)42/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th June 1988.
154. C(88)64/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 30th June 1988.
155. C(88)63/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 8th July 1988.
156. C(88)122/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 29th December 1988.
157. C(88)147/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 29th December 1988.
158. C(88)153/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 14th April 1989.
159. C(89)46/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th June 1989.
160. C(89)57/FINAL amending the Code of Liberalisation of Current Invisible Operations,
adopted by the Council on 10th May 1989.
161. C(89)111/FINAL amending Annex B and the Decision reproduced in Annex E to the
Code of Liberalisation of Capital Movements, adopted by the Council on
18th-20th July 1989.
162. C(89)114/FINAL amending Annex B and the Decision reproduced in Annex E to the
Code of Liberalisation of Capital Movements, adopted by the Council on
12th October 1989.
163. C(89)137/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th October 1989.
164. C(89)138/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th October 1989.
165. C(89)178/FINAL amending Annex B and the Decision reproduced in Annex E to the
Code of Liberalisation of Capital Movements, adopted by the Council on
26th October 1989.
166. C(89)131/FINAL amending Annex B and the Decision reproduced in Annex E to the
Code of Liberalisation of Capital Movements, adopted by the Council on 26th
October 1989.
167. C(89)186/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd February 1990.
160 │ APPENDIX 2.
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168. C(90)1/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 14th April 1990.
169. C(90)3/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 14th April 1990.
170. C(90)50/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th June 1990.
171. C(90)72/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th July 1990.
172. C(90)73/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th July 1990.
173. C(90)86/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th September 1990.
174. C(90)96/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th September 1990.
175. C(90)120/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd October 1990.
176. C(90)122/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd October 1990.
177. C(91)2/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 10th April 1991.
178. C(91)3/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 17th April 1991.
179. C(91)4/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th March 1991.
180. C(91)7/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th March 1991.
181. C(91)8/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th March 1991.
182. C(91)105/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12th, 13th, 17th and 19th December 1991.
183. C(91)160/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 4th February 1992.
184. C(91)90/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27th February 1992.
185. C(92)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 27th February 1992.
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186. C(92)13/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 12th June 1992.
187. C(92)58/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 17th July 1992.
188. C(92)60/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 17th July 1992.
189. C(92)62/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 23rd July 1992.
190. C(92)57/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 23rd September 1992.
191. C(92)138/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 24th November 1992.
192. C(92)170/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 18th December 1992.
193. C(92)174/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 18th December 1992.
194. C(92)142/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 18th December 1992.
195. C(92)219/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 29th March 1993.
196. C(92)139/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 15th April 1993.
197. C(93)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 9th March 1993.
198. C(93)7/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 9th March 1993.
199. C(93)12/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 29th March 1993.
200. C(93)186/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 1st March, 1993.
201. C(93)187/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 1st March, 1994.
202. C(94)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 15th April, 1994.
203. C(94)5/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 15th April, 1994.
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204. C(94)47/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 10th February, 1995.
205. C(94)49/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 14th and 15th April, 1994.
206. C(94)64/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 21st April, 1994.
207. C(94)68/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 19th May 1994.
208. C(94)83/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 2d June 1994.
209. C(94)85/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 29th July 1994.
210. C(94)104/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 3rd June 1994.
211. C(94)118/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 5th July 1994.
212. C(94)229/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 22nd February, 1995.
213. C(94)230/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 18th April, 1995.
214. C(94)235/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 10th February, 1995.
215. C(95)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 22nd February, 1995.
216. C(95)23/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 10th March, 1995.
217. C(95)45/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 19th April, 1995.
218. C(95)46/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 19th May, 1995.
219. C(95)48/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 19th May, 1995.
220. C(95)49/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 2nd May, 1995.
221. C(95)44/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 27th June, 1995.
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222. C(95)128/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 20th July, 1995.
223. C(95)188/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 24th November, 1995.
224. C(95)239/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 12th February, 1996.
225. C(96)3/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 12th February, 1996.
226. C(96)19/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 28th March, 1996.
227. C(96)59/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 24th May, 1996.
228. C(96)147/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 22nd November, 1996.
229. C(96)198/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 28th November, 1996.
230. C(96)199/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 28th November, 1996.
231. C(96)215/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 28th November, 1996.
232. C(96)256/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 12th December, 1996.
233. C(97)51/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 4th April, 1997.
234. C(97)55/FINAL amending the Code of Liberalisation of Capital Movements, adopted
by the Council on 23rd April, 1997.
235. C(97)67/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd April, 1997.
236. C(97)164/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26 September, 1997.
237. C(98)7/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 26 February, 1998.
238. C(98)64/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 23rd April 1998.
239. C(98)90/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 10 September 1998.
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240. C(98)155/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 12 November 1998.
241. C(99)21/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 18 February 1999.
242. C(2000)120/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 13 July 2000.
243. C(2000)123/FINAL amending the Code of Liberalisation of Capital Movements,
adopted by the Council on 28 July 2000.
244. C(2000)128/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28 July 2000.
245. C(2000)150/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28 September 2000.
246. C(2000)151/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28 September 2000.
247. C(2000)158/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 28 September 2000.
248. C(2000)54 and CORR1 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 4 October 2000.
249. C(2000)121 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 4 October 2000.
250. C(2000)114 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 14 December 2000, on the occasion of the Slovak Republic’s
accession to the OECD.
251. C(2000)180 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 6 November 2000.
252. C(2001)72 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 26 April 2001.
253. C(2001)241 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 28 November 2001.
254. C(2001)243 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 28 November 2001.
255. C(2001)242 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 5 December 2001.
256. C(2002)30 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 28 March 2002.
257. C(2002)120 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 25 July 2002.
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258. C(2002)100 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 23 September 2002.
259. C(2002)233 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 12 December 2002.
260. C(2003)28 and CORR2 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on 27 March 2003.
261. C(2003)106 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 18 September 2003.
262. C(2004)3 amending the Code of Liberalisation of Capital Movements, adopted by the
Council on 12 February 2004.
263. C(2005)112 Foreign ownership restrictions in the Telecommunications Sector –
Modification of Positions under the Code of Liberalisation of Capital Movements and
the National Treatment Instrument, adopted by the Council on 14 October 2005.
264. C(2009)95 amending Annex B and Annex E to the Code of Liberalisation of Capital
Movements, adopted by the Council on 16 July 2009.
265. C(2009)186 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 15 December 2009.
266. C(2010)46 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 11 May 2010.
267. C(2010)66 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 11 May 2010.
268. C(2010)76 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 11 May 2010.
269. C(2011)80 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on 19 May 2011.
270. DAF/INV(2011)10/REV1 amending Annex B the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 8 December 2011.
271. C(2012)88/REV2 Decision of the Council on the Governance of the Codes of
Liberalisation of Capital Movements and of Current Invisible Operations.
272. DAF/INV(2013)3 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 21 March 2013.
273. DAF/INV(2014)9 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 25 June 2014.
274. DAF/INV(2014)17 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 3 December 2014.
275. DAF/INV(2016)1 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 18 March 2016.
166 │ APPENDIX 2.
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276. C(2016)54/REV1 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on the occasion of Latvia's accession to the
Organisation on 25 April 2016.
277. DAF/INV(2017)11/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 2 June 2017.
278. DAF/INV(2017)2/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 2 June 2017.
279. DAF/INV(2018)3 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 15 March 2018.
280. DAF/INV(2018)4 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 15 March 2018.
281. DAF/INV(2018)24 amending Annex E to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 26 April 2018.
282. C(2018)69 amending Annex B to the Code of Liberalisation of Capital Movements,
adopted by the Council on the occasion of Lithuania's accession to the Organisation on
5 July 2018.
283. DAF/INV/ICC(2019)3/REV3 and C/MIN(2019)4 amending Articles 7, 16 and 19 of
the Code of Liberalisation of Capital Movements, adopted by double consensus by the
Investment Committee on 10 April 2019 and by the Council on 22 May 2019.
284. DAF/INV/ICC(2019)6 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 05 September 2019.
285. DAF/INV/ICC(2019)11 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 30 October 2019.
286. C(2018)81/FINAL amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Council on the occasion of Colombia's accession to the
Organisation on 28 April 2020.
287. DAF/INV/ICC(2020)2/REV1 amending Annex B to the Code of Liberalisation of
Capital Movements, adopted by the Investment Committee on 08 May 2020.
288. DAF/INV/ICC(2020)4 amending Annex B to the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 16 December 2020.
289. DAF/INV(2021)1 amending Annex B of the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 2 February 2021.
290. C(2020)45 amending Annex B of the Code of Liberalisation of Capital Movements,
adopted by the Council on the occasion of Costa Rica's accession to the Organisation
on 25 May 2021.
291. DAF/INV/ICC(2021)1 amending Annex B of the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 31 May 2021.
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292. DAF/INV/ICC(2021)2/REV1 amending Annex B of the Code of Liberalisation of Capital
Movements, adopted by the Investment Committee on 02 July 2021.
168 │ APPENDIX 2.
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APPENDIX 2.
Decision on Adherence of Non-OECD Countries to the Code
Decision of the Council on the governance of the Codes of Liberalisation of
Capital Movements [OECD/C(61)96, as amended] and of Current Invisible
Operations [OECD/C(61)95, as amended]
THE COUNCIL,
Having regard to the Convention establishing the OECD and in particular its
Articles 6 and 12 c);
Having regard to the Decision of the Council to amend the Codes of
Liberalisation of Capital Movements and Current Invisible Operations to make
adherence by non-OECD countries possible, adopted on 19 May 2011 [C(2011)80],
and to the fact that on that occasion the Council noted that “agreement on the terms
and conditions for non-Member adherence to the Codes of Liberalisation will be
required before an invitation is issued” [C/M(2011)10/PROV, Item 98];
Having regard to the Council conclusions of the meeting of 16 February 2012
[C/M(2012)2, Item 32] regarding the governance issues raised by Decision
C(2011)80;
Having regard to the proposals made by the Investment Committee on these
governance issues and the subsequent discussions in the Executive Committee;
Recognising that adherents to the Codes which are not Members of the
Organisation shall fully participate in decision-making on all matters relating to the
Codes, through the Investment Committee meeting in “an enlarged session” (hereafter
and for the purpose of this Decision the “Enlarged Investment Committee”) which
comprises all the members of the Investment Committee and the non-Member(s)
which have adhered to the Code(s);
Conscious of the need to preserve Council’s own prerogatives in regard to the
Codes;
DECIDES:
1. Adherents to the Codes which are not Members of the Organisation shall
fully participate in decision-making on all matters relating to the Codes, through the
Enlarged Investment Committee.
2. Invitation to a non-Member to adhere to either or both of the Codes and any
change in the text of the Codes, other than amendments to country-specific
APPENDIX 2. │ 169
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reservations in Annex B of either Code or to country-specific entries in Annex E of
the Code of Liberalisation of Capital Movements, shall require the consensus of both
the Enlarged Investment Committee and the OECD Council.
3. The authority to take all other decisions concerning the Codes of
Liberalisation than those mentioned in article 2 above is delegated by the Council to
the Enlarged Investment Committee.
4. Any divergence of views on the interpretation and application of the present
Decision shall be settled as far as possible amongst the adherents to the Codes. If no
solution can be found in a reasonable timeframe, the matter can be brought to the
attention of the Chair of the Council by any adherent to the Codes, who may conduct
consultations and make proposals as he considers appropriate with a view to finding
consensus among all adherents.
5. The Enlarged Investment Committee shall in a timely manner inform the
Council of any action taken in the exercise of its delegated authority.
6. This Decision shall be reviewed no later than three years after the first
adherence by a non-Member to the Codes.
170 BIBLIOGRAPHY
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